Applying for a small business loan can feel overwhelming—especially if it’s your first time. But understanding exactly what lenders evaluate can help streamline the process and improve your chances of approval. This business loan checklist breaks down the key factors lenders consider before approving funding, so you can prepare with confidence.
At Wise Advances, we specialize in fast and flexible funding options for small business owners. Use this guide to get loan-ready and avoid common pitfalls.
Why You Need a Business Loan Checklist
Before submitting your application, it’s important to review what lenders are really looking for. A solid business loan checklist helps ensure you’re prepared with all the necessary documentation, financial details, and qualifications—so there are no surprises.
Being prepared not only speeds up approval times, but also positions your business as financially responsible and ready for growth.
Looking to apply now? Use our online funding application to get started in minutes.
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Business Loan Checklist: Key Factors Lenders Evaluate
1. Time in Business
Most lenders want to see that you’ve been operating for at least one year. The longer your business history, the more reliable you appear from a lender’s perspective.
2. Monthly Revenue
Stable cash flow is a must. At Wise Advances, we recommend having a minimum of $20,000 in monthly revenue to qualify for our business loan programs.
3. Credit Score
While we offer solutions for various credit levels, a credit score of 600+ typically improves your chances of approval and may unlock better loan terms.
4. Business Bank Statements
Lenders will usually request 3 to 6 months of business bank statements to review your average daily balance, deposits, and withdrawals.
5. Purpose of the Loan
Clearly define how you plan to use the funds—whether it’s for inventory, marketing, payroll, or equipment. This shows lenders that you’re using the money strategically.
Additional Business Loan Checklist Items to Prepare
In addition to financial qualifications, it helps to have the following ready:
- Business license or registration
- Tax ID number (EIN)
- Voided business check
- Lease agreements or ownership documents (if applicable)
These documents help lenders verify the legitimacy of your business and reduce underwriting delays.
Improve Your Approval Odds with Wise Advances
At Wise Advances, we make the application process easy—even for first-time borrowers. Our lending specialists work with you to ensure your business loan checklist is complete, increasing your chances of approval.
Also read: How to Qualify for a Business Loan: Tips for First-Time Borrowers
Common Mistakes to Avoid on Your Business Loan Checklist
Avoid these red flags that could delay or deny your application:
- Submitting incomplete documentation
- Applying with inconsistent or negative cash flow
- Not knowing your credit score
- Using personal accounts for business transactions
Preparing in advance with a complete business loan checklist ensures a smoother and faster funding experience.
Conclusion: Check All the Boxes Before You Apply
Getting approved for a small business loan doesn’t have to be stressful. By following this detailed business loan checklist, you’ll be prepared, professional, and ahead of the game when approaching lenders.
Whether you’re expanding your business or covering short-term expenses, Wise Advances is here to help you secure the funding you need—quickly and confidently.
Ready to move forward? Apply now and take the next step in growing your business.
