Quick answer: For a fast business loan from a non-bank lender, you usually need a short application, a government-issued ID, basic business information and recent business bank statements. Larger loans, bank loans and SBA loans also require tax returns, financial statements, a debt schedule and ownership documents.
Checklist by loan type
| Document | Fast term loan / line of credit | Bank or SBA loan |
|---|---|---|
| Application | ✔ | ✔ |
| Owner photo ID | ✔ | ✔ |
| Recent business bank statements | ✔ | ✔ |
| Business tax returns (2–3 years) | Sometimes, for larger amounts | ✔ |
| Personal tax returns | Sometimes | ✔ |
| Profit & loss statement and balance sheet | Sometimes | ✔ |
| Debt schedule | Helpful | ✔ |
| Business formation documents and licenses | Sometimes | ✔ |
| Personal financial statement | — | ✔ (SBA) |
| Business plan or use of funds | Brief description | ✔ |
| Equipment quote or purchase agreement | For equipment purchases | For equipment purchases |
Tips to speed things up
- Download bank statements as PDFs directly from your bank
- Make sure the business name and address match across documents
- Have a voided business check or bank letter ready for funding
- Keep a short, clear explanation of how you’ll use the money
- Respond quickly to follow-up requests
What Brookestone Funding needs
For most business term loans and lines of credit, we need a short application and recent business bank statements to make a decision. Minimums are 2+ years in business, $30,000+ monthly revenue and a 600+ credit score. Qualified businesses can be funded the same day.
Related Guides
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- Best Working Capital Options for Seasonal Businesses
- How to Get Approved for a Small Business Loan: 12 Tips That Work
- Same-Day Business Loans: How They Work and How to Get Funded Today
- Business Term Loan vs. Line of Credit: Which Is Better for Your Business?
Frequently Asked Questions
What documents do I need for a small business loan?
For a fast non-bank loan, usually an application, ID and recent business bank statements. Bank and SBA loans also require tax returns, financial statements and ownership documents.
How many months of bank statements do lenders want?
Many lenders ask for the most recent few months of business bank statements; SBA and bank lenders may ask for more along with tax returns.
Do I need a business plan for a business loan?
Not for most fast business loans; a short explanation of how you will use the funds is usually enough. SBA and bank loans may require a business plan.
Can I apply for a business loan without tax returns?
Often yes for non-bank term loans and lines of credit, which rely heavily on bank statements. Larger loans may require tax returns.
Need financing? Brookestone Funding offers business term loans, lines of credit and SBA loans from $10,000 to $2,000,000, with same-day funding available for qualified businesses. We’re rated 4.5 on Trustpilot by more than 240 customers. Apply in minutes, see our business loan options, or call 212-258-0602.
