Documents a business loan broker will ask for

Most brokers start with the same core set: three to six months of business bank statements, your latest business and personal tax returns, a year-to-date profit and loss statement, a photo ID and a short application. What gets added after that depends on the loan type. An SBA loan needs a full package; a merchant cash advance can fund on bank statements alone.

Here is what to expect, loan type by loan type, and why lenders want each piece.

The core file every lender uses

OnDeck's published list shows how light the fast end of the market can be: business tax ID, the last three months of business bank statements and the owner's Social Security number. Banks and SBA lenders ask for far more.

Working capital and merchant cash advances

Speed products underwrite from cash flow, so the bank statements carry the file.

• Three to six months of statements, sometimes month-to-date as well
• Merchant processing statements if the advance is repaid from card sales
• A list of any current advances or loans with daily or weekly payments
• Payoff letters if the new funds will clear an existing balance

Lenders read statements line by line. They count negative balance days, look for returned items and spot existing funders by name. Disclose every current advance before the broker submits. Lenders find them anyway, and an undisclosed one ends the deal.

Equipment financing

The equipment itself is the main collateral, so the lender wants to know exactly what it is.

• A vendor quote or invoice with make, model, year, serial number if used, and price
• Bank statements and the core file
• For larger deals, two years of business tax returns and an interim P&L
• Proof of insurance naming the lender as loss payee, before funding

For used equipment from a private seller, expect the lender to ask for photos, a bill of sale and sometimes an inspection.

SBA 7(a) loans

SBA loans have the longest list because the lender must document eligibility for the government guarantee. The SBA's own 7(a) submission checklist calls for:

• SBA Form 1919, the borrower information form, dated within 120 days of submission
• Three years of business financial statements or federal tax returns
• A current income statement and balance sheet, both dated within 120 days
• Personal financial statements for owners of 20% or more, spouses and guarantors, dated within 120 days
• A business debt schedule if you carry long-term debt
• Cash flow projections showing positive cash flow within two years, for new businesses
• Affiliate financial statements for any related companies
• For acquisitions: the purchase agreement, a business valuation and the seller's financials
• For real estate: the purchase agreement and an appraisal

If you pay a broker or packager on an SBA loan, the lender also needs SBA Form 159, the fee disclosure and compensation agreement, signed by you, the agent and the lender. The form requires itemisation when total compensation exceeds $2,500. More on this in SBA Form 159 explained.

Invoice factoring

Factoring companies care more about your customers than about you.

• An accounts receivable aging report, current to the week
• Copies of the invoices you want to factor
• A customer list with contact details for verification
• Contracts or purchase orders behind the invoices
• Bank statements and a recent tax return

Expect the factor to contact your customers to verify invoices and to send a notice of assignment telling them where to pay.

Term loans and lines of credit from banks

Bank lenders sit between the online lenders and SBA on paperwork:

• Two to three years of business and personal tax returns
• Year-end and interim financial statements, often prepared by a CPA
• A debt schedule
• Personal financial statement
• Accounts receivable and payable agings for lines of credit
• Collateral details: property, equipment lists, vehicle titles

The form that confirms your tax returns

Many lenders send IRS Form 4506-C. The IRS describes it as the request a lender uses to get your tax transcripts through its Income Verification Express Service. You review and approve the request in your IRS online account, and the IRS sends records only if you approve. It is routine. It exists so lenders can confirm the returns you supplied match what you filed.

How to send documents

• Use the broker's secure portal or an encrypted upload link. Brokers on Levr collect documents inside the platform.
• Send PDFs, not phone photos. Download statements directly from your bank.
• Send every page, including blank ones. Missing pages look like hidden pages.
• Name files plainly: "Bank statements Jan to Jun 2026.pdf".
• Keep one folder on your side so you can resend anything in seconds.

Documents to be careful with

A professional broker will never ask for your online banking password. Lenders who verify bank data use read-only connections such as Plaid, which you authorise yourself. Share your Social Security number only on a signed application or in a secure portal.

Verified entries on the register show how each broker collects and handles documents. Search by loan type to find brokers who build SBA packages every week, and check their standing before you send a file.

A ready file speeds everything up

The single biggest cause of slow approvals is back and forth on paperwork. If you hand your broker the full set for your loan type on day one, they can submit to several lenders at once and get you to an offer days sooner. See how long approval takes for realistic timelines once the file is complete.