The business loan document checklist for Canadian owners

Most funding delays come down to one thing: waiting on documents. Pull these together before you apply and you can cut days or weeks off the process.

For most requests

• Business bank statements for the last 3 to 6 months, downloaded as PDFs from your bank.
• Government-issued photo ID for each owner with 20% or more of the business.
• Proof of the business: articles of incorporation or your provincial business registration, plus your CRA business number.
• A void cheque or direct deposit form for the business account.
• What the money is for. A quote or invoice for equipment, a contractor estimate for a buildout, or a short note on how working capital will be used.

For larger requests

As the amount goes up, lenders want a fuller picture. Expect to add:

• The last two years of year-end financial statements and corporate tax returns (T2).
• Interim financial statements for the current year.
• Each owner's most recent personal Notice of Assessment.
• Accounts receivable and accounts payable aging reports.
• A schedule of existing business debts: lender, balance, payment and maturity date.
• Your commercial lease, if the financing is for a location.

For equipment

A detailed quote or bill of sale with the make, model, year, serial number or VIN, and price. For used equipment from a private seller, add photos and proof that the seller owns it free and clear.

Things that slow deals down

• CRA balances owing on HST or payroll remittances. Lenders check, and many won't fund until there's a payment arrangement in place.
• Mismatched names between your registration, bank account and ID.
• Missing months in your statements. Send every page of every month.

Your advisor will tell you exactly which of these your request needs, so you're not gathering paperwork you don't have to.