To apply for a business loan, you will usually need recent business bank statements, proof of identity for the directors or owners, and details of your business’s turnover and trading history. Larger loans may also need filed accounts, management accounts or a cashflow forecast.
Having these ready before you apply is one of the simplest ways to speed up a lending decision.
What Documents Will Every Lender Ask For?
Most lenders will ask for:
- Business bank statements – usually covering the last three to six months, so the lender can see your income, outgoings and how money moves through your account.
- Proof of identity – a passport or driving licence for each director, partner or owner.
- Proof of address – a recent utility bill or bank statement for each director or owner.
- Basic business details – your registered business name and address, your company number if you are a limited company (you can find it on the Companies House register), and how long you have been trading.
At Acceptance, we ask for 3–6 months of bank statements, at least 12 months of trading and a turnover of at least £50,000 in the last year.
Will I Need to Provide My Business Accounts?
For larger loans, often yes. Lenders may ask for the annual accounts your company has filed with Companies House, usually covering one or two years, to see your profit, assets and liabilities.
If your filed accounts are out of date, up-to-date management accounts can show how the business is performing now. These are especially useful if trading has improved since your last year end.
What Do Self-Employed Applicants Need to Provide?
Sole traders and partnerships do not file accounts at Companies House, so lenders usually ask for tax calculations (SA302s) and tax year overviews instead, along with bank statements. You can download your SA302 from your HMRC online account once your Self Assessment return has been submitted.
Read more in our guide: Can I Get a Business Loan If I Am Self-Employed?
Are There Any Other Documents a Lender Might Ask For?
Depending on the loan, a lender might also ask for:
- VAT returns, to support your turnover figures
- Details of any existing borrowing, such as loans, credit cards or asset finance
- A cashflow forecast or business plan, particularly for larger amounts or new projects
- A quote or invoice for the equipment, if you are applying for asset finance
- Your current position with HMRC, for a loan to pay a tax bill or VAT loans
How Can I Speed Up My Application?
Gather your documents before you apply and check they are complete, recent and easy to read. Make sure the figures you give on the application match your bank statements and accounts, as differences can cause delays while the lender asks questions.
Some lenders let you share bank statements securely through open banking, which can save time compared with uploading PDFs.
See also: Do I Need A Good Credit Score To Get A Business Loan?