SBA Loan Application Checklist: Documents You Need to Prepare

Introduction

We know exactly what you’re thinking as you stare at that loan application. The sheer volume of paperwork required for an SBA loan can feel like a second full-time job.

From our experience helping Dallas businesses secure funding, the “document mountain” is where most great applications go to die. It’s not just about gathering paper; it’s about navigating the new 2025/2026 rules that have quietly shifted the goalposts. For instance, the SBA recently raised the minimum FICO SBSS (Small Business Scoring Service) score to 165, a change that is catching many qualified business owners off guard.

If you miss a single schedule or submit an expired form, your application doesn’t just get paused—it often goes to the back of the line. We have seen this delay funding by weeks, which is time most SMB owners simply don’t have.

So, let’s break down exactly what you need, updated for the latest SBA 7(a) and 504 requirements, and explain why each piece matters to your approval odds.

Personal Documents

For All Owners with 20%+ Ownership

The SBA requires complete transparency regarding who is behind the business. We often remind clients that “20% ownership” is the magic number that triggers a full personal review.

Personal Identification

Government-issued photo ID: A legible color copy of your driver’s license or passport.
Social Security number: Required for the background check and credit pull.

Personal Financial Statement (SBA Form 413) This is arguably the most critical personal document in the stack.

SBA Form 413: You must use the current version of this form.
The 90-Day Rule: All assets and liabilities listed must be current within 90 days of your application submission.
Spousal Requirements: If you are married, your spouse must often sign this form, even if they have no ownership in the business.

Personal Tax Returns

Last 3 years of complete federal returns: This includes all pages, not just the summary.
All schedules and attachments: Lenders specifically look for K-1s from other business interests.
W-2s: Essential if you or your partners currently hold outside employment.

Personal Credit & Background

FICO SBSS Score: While personal credit matters (aim for 680+), the SBA now enforces a minimum FICO SBSS score of 165. Most banks we work with prefer to see a 175+ to approve a loan.
SBA Form 912 (Statement of Personal History): This is required if you have any past arrest record, regardless of the outcome.
Professional Resume: Lenders want to see management experience that proves you can run this specific type of business.

Business Documents

Business Formation and Ownership

You must prove your business is a legal entity in good standing. A common mistake we see is a discrepancy between the name on the Articles of Incorporation and the business bank account.

Entity Documentation

Articles of Incorporation/Organization: Must be stamped by the Secretary of State.
Operating Agreement or Bylaws: This must outline who has signing authority.
Business Licenses: Current active licenses for your specific industry (e.g., health permits for restaurants).
Certificate of Good Standing: A document from your state showing you are current on filings.

Ownership Transparency

Ownership Breakdown: The sum must equal 100%.
Updated ETRAN Rule: New SBA rules require 100% of owners to be disclosed in the SBA’s ETRAN system, meaning silent partners can no longer remain hidden.

Business Financial Information

This section is where the “Ability to Repay” is proven. We advise clients to work directly with their CPA to gather these, as accuracy is non-negotiable.

Tax Returns

Last 3 years of business returns: Must be signed and dated.
IRS Form 4506-T: This form authorizes the lender to request a transcript directly from the IRS to verify your returns are authentic.

Financial Statements

Profit & Loss (P&L) Statement: Must be current within 90 days of application.
Balance Sheet: Must be dated to match the P&L statement exactly.
Aging Reports: Accounts Receivable and Payable reports breakdown who owes you money and who you owe.

The Debt Schedule This document is often overlooked but vital.

Business Debt Schedule: A comprehensive list of all current business debts (loans, leases, lines of credit).
Terms and Balances: You must list original amounts, current balances, interest rates, and monthly payment amounts for each debt.
Matching Figures: The total debt on this schedule must match the liabilities on your Balance Sheet.

Business Plan

For established businesses, this doesn’t need to be a 100-page academic paper. We recommend focusing on a 10-15 page document that connects your historical data to your future growth.

Required Elements

Executive Summary: A one-page overview of the request.
Financial Projections: 3 years of projected revenue and expenses, including a “narrative” explaining how you reached those numbers.
Market Analysis: Data showing why your specific location or niche is viable in the current economy.
Source and Use of Funds: A precise breakdown (to the penny) of how the loan proceeds will be spent.

Loan-Specific Documents

For Working Capital Loans

Cash Flow Forecast: A month-by-month breakdown for the next 12 months showing how the capital keeps operations running.
Use of Proceeds Statement: SBA funds cannot be used to pay off delinquent taxes. You must clearly show the funds going to operational expenses like payroll, inventory, or rent.

For Equipment Purchases

Official Vendor Quotes: Must include the equipment description, serial numbers (if available), and total cost including shipping and installation.
Maintenance Contracts: Details on how the equipment will be serviced.
Life Expectancy Statement: The loan term cannot exceed the useful life of the equipment (typically 10 years).

For Real Estate Purchases (SBA 504 or 7a)

Real estate transactions trigger the most rigorous documentation.

Purchase Agreement: Must include a clause making the deal “contingent upon SBA financing.”
Property Appraisal: Must be ordered by the lender, not the borrower.
Phase I Environmental Report: Required to ensure the property isn’t contaminated.
Rent Rolls: If the property has existing tenants, you must provide current lease terms.

For Business Acquisitions

Letter of Intent (LOI): Signed by both parties.
Business Valuation: An independent valuation is required for transactions over $250,000.
Seller’s Financials: 3 years of the seller’s tax returns and financial statements.
Bill of Sale: Draft version listing all assets being transferred.

For Refinancing Debt

Note Copies: Copies of the original promissory notes for the debt being refinanced.
Payoff Statements: Current statements showing the exact payoff amount.
New Restriction Warning: As of 2025, you generally cannot use SBA loans to refinance Merchant Cash Advance (MCA) debt. This is a major regulatory shift.

Collateral Documentation

Real Estate Collateral

Deed of Trust: Proof of ownership for the property being pledged.
Mortgage Statement: Showing current equity available.
Homeowners Insurance: Declaration page showing coverage.

Equipment & Other Collateral

Detailed Equipment List: Including make, model, and serial numbers for assets valued over $5,000.
Life Insurance Assignment: The SBA frequently requires a life insurance policy on key owners, with the lender assigned as a collateral assignee.

SBA-Specific Forms

Your lender will generate these for you to sign, but knowing them ahead of time helps you understand what you are signing.

Form Number	Name	Purpose
SBA Form 1919	Borrower Information Form	The main application form capturing basic business and owner info.
SBA Form 413	Personal Financial Statement	Lists your personal assets/liabilities (must be under 90 days old).
SBA Form 912	Statement of Personal History	Used to clear character/background issues.
SBA Form 159	Fee Disclosure Form	Transparency document detailing any fees paid to agents/brokers.
IRS Form 4506-T	Tax Transcript Request	Authorizes the lender to verify your tax returns with the IRS.

Tips for Document Preparation

Organization is Speed

Digital Naming Convention: Don’t send files named “Scan001.pdf”. Rename every file clearly, like “2025_Business_Tax_Return_SmithCo.pdf”.
Cloud Folders: Create a shared Dropbox or Google Drive folder structured exactly like this checklist.
The “wet ink” rule: While digital is great, keep original “wet ink” signed copies of legal docs, as some lenders still require them at closing.

Accuracy Checks

Name Consistency: Ensure your business name is spelled exactly the same on your Articles of Incorporation, bank statements, and loan application.
Math Check: Your “Use of Funds” total must equal the “Loan Request” amount exactly.

Timing Your Application

Interim Financials: If your P&L is more than 90 days old, it is considered expired. Update it before you hit send.
Bank Statements: Most lenders need the most recent month’s statement to close, so keep downloading them as they become available.

What to Do If You’re Missing Documents

Tax Returns Not Filed? You generally cannot proceed without filed returns. If you have an extension, you must provide the IRS extension proof and a draft of the return.

Missing Financial Statements? We strongly advise hiring a bookkeeper or CPA immediately. Hand-written ledgers or Excel sheets are rarely accepted for loans over $350,000 under current guidelines.

Credit Issues? Prepare a written “Letter of Explanation.” Be specific about what happened (e.g., “medical emergency in 2022”) and provide proof that the issue is resolved.

Ready to Apply?

With this checklist, you are already ahead of 90% of applicants. The key is to view this not as a chore, but as building the case for your business’s future success.

If you are ready to move forward or need help verifying your documents against the latest 2026 SBA standards, contact us to discuss your financing options.