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United States · Reviewed: 18 October 2026

United States: prepare a small-business loan application

US lenders evaluate the business, its repayment capacity and the intended use of borrowed funds. This preparation checklist is useful before comparing conventional bank loans and SBA-backed options. It is not an SBA application.

Before you apply

Start with the purpose, not the product. Describe what the money will buy, how that investment contributes to revenue or operational stability, and which cash flows will service the debt. Distinguish a working-capital facility from equipment or premises financing. SBA-backed products are typically delivered through participating lenders, not by this website.

Preparation checklist

  1. Business plan: customers, market, operating model, management experience and realistic downside assumptions.

  2. Exact amount, documented use of proceeds, suppliers’ quotations and an implementation timeline.

  3. Historic business financial statements if operating, plus cash-flow forecasts and a clear repayment explanation.

  4. Business and owner credit history, existing debt, potential collateral and any requested guarantees: confirm the lender’s individual requirements.

  5. Comparison sheet of annual cost, rate type, fees, maturity, collateral and early-repayment conditions across actual offers.

Where to start in the United States

  • Use the US Small Business Administration (SBA) loan programmes pages to understand the difference between 7(a), 504 and microloan options before approaching lenders.
  • SBA Lender Match can help locate participating lenders, but matching is not approval. Applications, underwriting and terms are decided by the lender.
  • Review cash-flow sensitivity to weaker sales and higher costs. Prepare concise explanations of any irregularities in your accounts.

Questions worth asking each lender

  • What financial reporting period and projections do you require for this business and loan type?
  • Which fees, credit checks, personal guarantees or security arrangements would apply?
  • Is the rate fixed or variable, and how is an early payoff treated?
  • Which cash-flow measures and debt obligations will you include in the credit assessment?

Official US resources

Verify the latest terms and rules directly with the institution.