Personal Documents (All Owners 20%+)
Every owner with 20% or more ownership must provide:
Required for All Applications
- Personal tax returns (3 years) — All pages and schedules, signed
- SBA Form 413 — Personal Financial Statement (dated within 90 days)[1]
- Resume — Highlighting relevant business/industry experience
- Photo ID — Driver's license or passport
- Authorization to release information — Lender-specific form
May Be Required
- Spouse's tax returns and PFS — If relying on joint assets or spouse will guarantee
- Bank statements (3 months) — All personal accounts showing equity source
- Investment account statements — 401(k), IRA, brokerage if used for equity
- Explanation letters — For credit issues, gaps in employment, etc.
Business Documents (Existing Business)
For acquisitions or refinancing of existing businesses:
Core Documents
- Business tax returns (3 years) — All pages and schedules
- Year-to-date P&L and balance sheet — Within 60 days, ideally CPA-prepared
- Accounts receivable and payable aging — If applicable
- Debt schedule — All existing business debts with balances, payments, terms
- Business bank statements (3-6 months)
Entity Documents
- Articles of incorporation/organization
- Operating agreement or bylaws
- Business licenses and permits
- Certificate of good standing — From state
- Ownership breakdown — All owners and percentages
Startup Documents
For new businesses without operating history:
- Business plan — Executive summary, market analysis, operations, financials
- Financial projections (3 years) — Monthly Year 1, annual Years 2-3
- Assumptions document — How you derived your projections
- Market research — Industry data, local market analysis
- Resumes for all key managers
Acquisition Documents
When buying an existing business:
- Letter of Intent (LOI) or purchase agreement
- Seller's tax returns (3 years)
- Seller's P&L statements (2-3 years monthly)
- Asset list — Equipment, inventory, FF&E being purchased
- Business valuation — May be required for larger deals
- Seller's reason for selling — Explanation
Real Estate Documents
For commercial real estate purchases (SBA 504 or 7(a)):
- Purchase agreement — Fully executed
- Property appraisal — Lender will order this
- Environmental assessment (Phase I) — Lender may order
- Survey and legal description
- Title commitment
- Property tax bills
- Rent roll — If any tenant income
- Existing leases — If purchasing leased property
Lease Documents
For leased locations:
- Current lease — Or lease term sheet if new
- Lease assignment agreement — For acquisitions
- Landlord estoppel — Lender may require
- Lease subordination agreement — Lender may require
Important: SBA requires lease term (with options) to match or exceed loan term—typically 10+ years.
Franchise Documents
For franchise loans:
- Franchise Disclosure Document (FDD) — Current version
- Franchise agreement — Your specific contract
- Franchisor approval letter — Confirming you're approved
- Item 19 financial data — Highlighted if available
- SBA Franchise Directory listing — Confirmation franchise is eligible[3]
Hotel-Specific Documents
- STR (Smith Travel Research) reports — Market comp data
- PIP (Property Improvement Plan) — If brand-required
- Franchise agreement — For flagged properties
- Management agreement — If using third-party management
- FF&E reserve documentation
Restaurant-Specific Documents
- Health department inspection history
- Liquor license — If applicable, and transfer documentation
- Equipment list with age/condition
- Menu and pricing
- POS sales data — For acquisitions
SBA-Specific Forms
Your lender will provide these, but be aware:[2]
- SBA Form 1919 — Borrower Information Form
- SBA Form 413 — Personal Financial Statement
- SBA Form 912 — Statement of Personal History
- SBA Form 159 — Fee Disclosure (if using broker)
- IRS Form 4506-C — Tax transcript authorization
Tips for a Smooth Process
- Organize digitally: Create a shared folder with clearly labeled files
- Date everything: Lenders need current documents (60-90 days)
- Sign where required: Tax returns need signatures
- Be consistent: Numbers should match across documents
- Prepare explanations: Draft letters for any issues upfront
- Respond quickly: Delays in providing documents delay closings