Documents You Need for Business Funding

Ask anyone who has applied for business funding what slowed them down and the answer is rarely the underwriting itself. It is the hunt for a missing page of a statement, a driver's license that expired last spring, or a tax return the accountant has not sent yet.

The list of documents varies a lot by product. A fast working-capital option might need little more than recent bank statements and an application, while an SBA loan can require a thick folder. Below is a complete checklist, grouped by how often each item is requested, so you can gather what you can in an afternoon and know what to expect for the rest.

The core set almost every funder asks for

These are the items to gather first because they come up for nearly every product. Having them in a single folder, scanned clearly, is worth more than any trick for speeding up a review.

Keep files in PDF where possible, name them plainly, and make sure every page is present. Cropped screenshots and missing last pages are the most common reason a file bounces back for a second request.

• A completed application, signed by an owner
• Government-issued photo ID for each owner, current and legible
• Three to six months of recent business bank statements, every page
• A voided check or bank letter confirming account details
• Business name, EIN, address and start date matching your records
• Processing statements if you accept cards, often the last three to six months

Bank and processing statements: what makes them usable

Download statements directly from your bank instead of photographing a printout. Complete PDFs show account numbers, balances and every transaction, and reviewers can read them quickly. If you use more than one operating account, submit each and label them so transfers can be matched.

For card-accepting businesses, merchant processing statements help show sales volume and mix. If you are unsure what yours say or whether you are paying more than you should, Fidelity Funding's card-processing partner, PayPilot by MCCPS, offers a statement review at no pressure, which can be useful to do while you are gathering paperwork anyway.

Statements also reveal timing. If your deposits cluster around the first and fifteenth because of how clients pay, a reviewer will see that pattern at a glance. A short note explaining your billing cycle can turn a lumpy month into an understood one.

Ownership and legal documents

Funders need to confirm who the business is and who owns it. Depending on your structure, expect to produce some of the following. Names must be consistent across them, so if your articles say 'Harbor Mechanical LLC' and your bank account says 'Harbor Mech.', fix or explain it before submitting.

• Articles of organization or incorporation, and any amendments
• Operating agreement or corporate bylaws showing ownership percentages
• EIN confirmation letter from the IRS
• Business licenses or professional licenses your industry requires
• Commercial lease, or proof of ownership of your location
• DBA registration if you operate under a trade name

Tax and financial documents for larger or slower products

Traditional loans and many SBA programs ask for more history. Typical requests include the last two or three years of business tax returns, the owner's personal returns, a current year-to-date profit and loss statement, a balance sheet, and sometimes a debt schedule listing existing loans with balances, payments and lenders.

If you do not keep formal financials, a bookkeeper can usually produce a profit and loss from your accounting software in a day or two. Ask your CPA to confirm what they are comfortable sharing, and to flag anything that needs explaining, such as a one-time loss or a change in ownership.

Extras for specific situations

Some funding types add their own paperwork. Equipment financing usually needs a vendor quote or invoice describing the asset. Invoice factoring needs an accounts-receivable aging report and copies of the invoices being financed. Real estate-related requests may need a purchase contract, appraisal and insurance details. Construction and contracting businesses are often asked for signed contracts, change orders or a work-in-progress schedule.

If you have liens, judgments, a past bankruptcy or open disputes, have the paperwork ready: releases, payment plans, or discharge documents. Raising them yourself and showing resolution reads far better than letting an underwriter discover them.

How to organize it and where Fidelity Funding fits

Build one folder with subfolders for banking, legal, tax and financial, and add a short cover note describing the business, what you need the funds for and any unusual items in the statements. A tidy submission signals an organized owner, which tends to help.

Fidelity Funding's application is short, and a funding specialist reviews your options with you, including which documents the different funding partners are likely to want. You can often start with just the core set and add more only if a partner asks. Requirements vary by funding partner and underwriting, and gathering documents does not guarantee an approval, but it does remove the most common source of delay.

1. Download the last four to six months of statements for every business account.
2. Photograph or scan IDs for all owners at readable resolution.
3. Collect formation documents and the EIN letter into one folder.
4. Request year-to-date financials and last year's returns from your bookkeeper or CPA.
5. Write a short note listing odd deposits, large withdrawals and any open liens.

This article is for general information only and isn’t financial, legal or tax advice. Funding approval, amounts and terms are set by funding partners and depend on underwriting.