Business loans
A simple checklist of what lenders ask for, why they ask, and how to make your file easy to approve.
Business loans
A simple checklist of what lenders ask for, why they ask, and how to make your file easy to approve.
The short answer
A lender wants to know three things. Can your business pay the loan? Will it keep paying until the end? What happens if something goes wrong?
Your documents answer those questions. A complete file often means a fast answer.
| Loan type | Lenders often add |
|---|---|
| Term loans | What the money is for, and quotes for big purchases |
| Lines of credit | A list of who owes you money, and sometimes a list of your stock |
| CSBFP loans | A business plan, cash flow numbers, and quotes |
| Invoice factoring | Your unpaid invoices and details about your customers |
| Emergency funding | Usually just recent bank statements and ID |
Lenders want to know what the money is for and how it helps your business. For small loans, a few clear sentences are enough. For big loans, a short business plan with cash flow numbers makes your file much stronger.
When you work with us, you get a checklist made for your loan and lender, so you only gather what’s needed. Tell us what you need.
Most lenders ask for the last 3 to 6 months of business bank statements.
For small loans, a few clear sentences about the purpose may be enough. Bigger loans and CSBFP loans usually need a short plan with cash flow numbers.
It is a simple list of what you own and what you owe. Lenders use it to understand the owners behind the business.
Keep reading
3 min readHow to get a business loan in Canada in 6 simple steps: what lenders check, the documents you need, which loan fits, and how to get a faster yes.
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