by Chris Meyer
When applying for financing from either the Small Business Administration (SBA) or a traditional lender, the most convenient option is to apply online. In the early stage of the application, you do not need to provide any private information or documentation as long as you know your financial picture. Additionally, I do not recommend providing your personal phone number if you can avoid it. Below I have a few more tips to help you obtain a business loan while protecting your private information.
Gather and safeguard your financial statements.
Before you apply for a loan, you should know your financial picture and gather all of your financial statements ahead of time. However, lenders do not need to see this information until you receive a loan proposal — I suggest you only share these documents on a need-to-know basis. After you receive a loan proposal, you should be prepared to show three years of business tax returns, three years of personal tax returns, including applicable K-1 schedules, two months of business bank statements, two months of personal bank statements, profit and loss statement, balance sheet and an accounts receivable aging report. It’s best to be prepared in case the lender asks for specifics.