Today we’re continuing our look at some of the most frequently asked questions that we’ve received over the years, by answering an inquiry that comes up many times throughout the day: “What do I need for a business loan?”

What the Banks Require for a Business Loan

If you apply for a business loan from your bank -- which is certainly your choice if you decide that’s the right decision for you -- then you should be prepared to submit many official documents, including: 

• P/L statements for at least the last two years (though in some cases longer will be required).
• Your personal and business credit scores, which will need to be very high and virtually flawless -- any dings, even if they occurred years ago, will likely lead to your application being rejected.
• Your strategic business plan, which must be include comprehensive financial projections, marketplace and competitor analysis, and so on.
• A detailed, up-to-date resume for every key staff member in...