What Documents Should You Prepare Before Seeking Business Funding?
Funding requirements vary considerably by provider and financing product. However, getting your records organized before beginning the process can save time and reduce confusion.
Depending on the financing provider, requested information may include:
Business identification information
Formation documents
EIN information
Business bank statements
Revenue information
Tax returns
Profit-and-loss statements
Balance sheets
Accounts receivable information
Existing debt information
Owner information
Identification
Information about the intended use of funds
Not every provider requests every document.
Accuracy Matters
Don't alter documents or attempt to make financial information appear stronger than it actually is. Accurate records allow financing providers to evaluate the business appropriately and allow you to evaluate whether the financing itself makes sense.
Create a Funding File
Consider maintaining an organized digital folder containing frequently requested documents. Update it periodically. Preparation can make future financing conversations much easier.
