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Loan readiness

Be ready for the lender’s questions.

See what a lender is likely to ask for, what you already have and what’s still missing. Then share only what you choose.

Tell SMB what the loan is forWork out how much you need

SMB doesn’t prequalify you or decide on a loan. The lender does.

Goodwell Dental · Loan packet
We need $85,000 for a second hygiene room.
What the money is for
Ready · line by line
Profit and loss, this year and the last two
Ready · from QuickBooks
Balance sheet
Ready · from QuickBooks
Business bank statements
Ready · last six months
Equipment quotes
Ready · chair and X-ray sensor
Business tax returns, three years
Still needed · 2 of 3 on file
Debts you already have
Still needed · no list yet
Build-out quote
Still needed · estimate only

For the lender meeting ThursdayYou choose which files the lender sees.

See what a lender will likely ask for.

Most lenders ask for some version of these. A lender’s own list always decides.

  • About the business

    A short overview of what you do, ownership and formation papers, and current licenses.

  • Money in and out

    Profit and loss for this year and the last two, a balance sheet, recent bank statements, three years of business tax returns and a list of debts you already have.

  • About the loan

    What the money is for, line by line, with quotes for what it buys.

  • About you

    A personal financial statement. Many small business loans ask owners to guarantee them, so lenders look at the owner’s finances too.

Have your answers ready too.

Documents are half of it. Lenders also ask how you’ll pay it back. Ask SMB to help draft answers from your numbers, then put them in your own words. Your accountant can check the numbers before you go.

What Goodwell Dental will be asked

  1. How will you pay it back?

    From the second room’s cleanings, starting in April.

  2. What if revenue drops?

    The practice keeps about a month of costs in the bank, and the new hygienist’s hours can flex.

  3. What will secure the loan?

    Lenders may ask for the equipment, other business assets or a personal guarantee. Talk it through with your accountant first.

  4. Why now?

    Patients wait three weeks for a cleaning. A second room lets the practice see them sooner.

Questions before you apply.

What documents do I need for a small business loan?

Most lenders ask for profit and loss for this year and the last two, a balance sheet, recent bank statements, business tax returns, a list of current debts, what the money is for and a personal financial statement. Each lender sets its own list, so ask for it early.

Does the list change with what the loan is for?

Yes. For equipment, add quotes and where it will go. For working capital, a 12-month cash forecast and who owes you. For buying a business, the purchase agreement, the seller’s books and a valuation. For a build-out or property, contractor bids and the lease or an appraisal.

Plan working capitalValue a business

How do I work out a monthly loan payment?

Use the rate, term and fees from a real quote. For a fixed-rate loan with equal monthly payments, the payment is the amount × r ÷ (1 − (1 + r) to the power of −n), where r is the yearly rate ÷ 12 and n is the number of monthly payments. Then check the payment against a slower month, not just an average one.

Which SBA forms will I need?

Your lender tells you which SBA forms apply. Common ones are the Borrower Information Form (SBA Form 1919) and the Personal Financial Statement (SBA Form 413).

Who sees my financial records?

Only the people you choose. Ask the lender which records it needs, share just those over a secure channel, and never send passwords.

How file sharing works

Does finishing the checklist mean I’ll get the loan?

No. The list tracks what you’ve prepared. It doesn’t check credit, decide eligibility, apply for you or promise approval. The lender decides.

Walk in ready.

Tell SMB what the loan is for. It helps you list what a lender may ask for, see what’s missing and fill the gaps before the meeting.