SBA Loan Document Checklist: Every Document You Need to Close

Why Your SBA Loan Document Package Matters More Than You Think

You’ve found the perfect business to buy. The seller is motivated, the numbers make sense, and you’re ready to move. Then your lender sends over a document request list that’s longer than your arm — and suddenly, your deal is stalling.

Here’s the truth most buyers learn the hard way: SBA loan approvals don’t fail because of bad deals. They fail because of incomplete document packages. Lenders process hundreds of applications. The ones that close fastest are the ones where every document is organized, accurate, and submitted upfront.

This isn’t a due diligence checklist for evaluating the business you’re buying. This is the lender-focused checklist — every document the bank needs from you to underwrite, approve, and fund your SBA loan. Whether you’re applying for an SBA 7(a) loan to acquire a business or an SBA 504 loan for real estate, this guide covers it all.

At GoSBA, we’ve helped fund over $320 million in SBA loans in 2025 alone, and we’ve seen firsthand how a well-prepared document package can shave weeks off the closing timeline. Let’s walk through exactly what you need.

Personal Documents: What the Lender Needs From You

Every SBA loan starts with the borrower. Before a lender even looks at the business, they want to know who you are — your financial history, your experience, and your creditworthiness. Here’s what to have ready:

Personal Tax Returns (3 Years)

• Complete federal tax returns for the most recent three years, including all schedules and attachments
• If you filed extensions, include those as well
• Lenders want to see consistent income and understand your overall financial picture
• If you have K-1 income from partnerships or S-corps, include those entity returns too

Personal Financial Statement (PFS)

• SBA Form 413 is the standard — your lender will provide the template
• List all assets: real estate, retirement accounts, brokerage accounts, vehicles, cash
• List all liabilities: mortgages, auto loans, student loans, credit card balances
• Be thorough and honest — lenders will verify this against your credit report and tax returns
• Update this monthly if your deal takes time to close; stale PFS documents cause delays

Resume or CV

• This isn’t a job application, but lenders want to see relevant management or industry experience
• Highlight leadership roles, P&L responsibility, and any experience in the industry you’re entering
• If you lack direct industry experience, emphasize transferable skills and your plan to retain key employees
• A strong resume can offset weaknesses elsewhere in your application

Credit Authorization

• You’ll sign a form authorizing the lender to pull your credit report
• SBA lenders typically look for a minimum FICO score of 680-700, though some are flexible
• If you have credit blemishes, be prepared to write a letter of explanation (more on this in our guide on how liens, judgments, and bankruptcies affect your SBA loan)

Government-Issued ID and Proof of U.S. Residency

• Driver’s license or passport
• Green card or proof of citizenship if applicable
• SBA loans require borrowers to be U.S. citizens or lawful permanent residents

SBA Form 1919 (Borrower Information Form)

• This is the SBA’s master application form — it covers personal background, criminal history disclosure, and ownership details
• Every owner with 20%+ ownership must complete this form
• Answer every question completely; omissions can delay or kill your deal

Business Documents: What the Lender Needs on the Target Business

Even though you’re the borrower, the lender is underwriting the business as the primary source of repayment. They need to see that the business generates enough cash flow to service the debt. Here’s what they’ll request:

Business Tax Returns (3 Years)

• Complete federal returns for the business entity — corporate (1120/1120-S) or partnership (1065)
• Include all schedules, especially those showing officer compensation, depreciation, and amortization
• Lenders use these to calculate adjusted cash flow and debt service coverage ratio (DSCR)
• If the business has been operating for fewer than 3 years, provide whatever is available

Profit & Loss Statements (Interim and Year-End)

• Year-to-date P&L through the most recent month
• Lenders compare interim performance to prior years to spot trends
• If revenue is declining, be prepared to explain why and how you’ll reverse it
• Monthly P&L breakdowns are even better — they show seasonality and consistency

Balance Sheet (Current)

• A snapshot of the business’s assets, liabilities, and equity as of the most recent month-end
• Lenders look at working capital, debt levels, and asset quality
• Ensure the balance sheet ties to the P&L — discrepancies raise red flags

Accounts Receivable and Accounts Payable Aging

• AR aging report showing what’s current, 30-day, 60-day, 90-day+
• AP aging report showing the same breakdowns
• Large concentrations in aged receivables or significant past-due payables concern lenders
• These reports help lenders assess the quality of the business’s cash flow

Debt Schedule

• A list of all existing business debts: lender name, original balance, current balance, monthly payment, interest rate, maturity date
• Include equipment leases, lines of credit, and any seller notes
• Lenders need to understand total debt obligations to calculate DSCR accurately

Deal Documents: The Paperwork That Defines the Transaction

The deal documents tell the lender what you’re buying, how much you’re paying, and what terms you’ve agreed to. These are non-negotiable — without them, there’s no loan.

Letter of Intent (LOI) or Offer Letter

• The initial agreement between buyer and seller outlining the deal terms
• Should include: purchase price, asset allocation, seller training/transition period, and any contingencies
• Lenders review the LOI to understand the deal structure before committing resources to underwriting

Asset Purchase Agreement (APA) or Stock Purchase Agreement

• The definitive legal document governing the sale
• Most SBA acquisition loans are structured as asset purchases, not stock purchases
• The APA should detail: purchase price allocation (goodwill, equipment, inventory, real estate), representations and warranties, non-compete agreements, and closing conditions
• Your attorney should draft or review this — but your lender will also scrutinize it

Commercial Lease or Real Estate Documents

• If the business operates from leased space: a copy of the current lease and any proposed lease assignment or new lease terms
• SBA lenders typically require a lease term that matches or exceeds the loan term (usually 10 years)
• If the deal includes real estate: property appraisal, environmental reports (Phase I, sometimes Phase II), and title commitment
• Lease issues are one of the top deal-killers — get this squared away early

Franchise Agreement (If Applicable)

• If you’re buying a franchise, the lender needs the Franchise Disclosure Document (FDD) and franchise agreement
• The franchise must be listed on the SBA Franchise Directory to be eligible
• Include any addendums or amendments to the franchise agreement

Business Valuation or Broker Opinion of Value

• For deals over $500K, most lenders want a third-party valuation
• This supports the purchase price and helps justify the loan amount
• Common methods: discounted cash flow, comparable transactions, and asset-based approaches

Financial Projections and Business Plan: The Documents That Set You Apart

Here’s where most borrowers either shine or stumble. Lenders don’t just want to know what the business has done — they want to see what it will do under your ownership.

Business Plan

• A professional business plan that covers: executive summary, industry overview, management team, marketing strategy, operations plan, and financial projections
• This isn’t a 50-page academic exercise — lenders want 10-15 pages of clear, realistic analysis
• Focus on how you’ll maintain and grow revenue, your competitive advantages, and your plan for the first 12-24 months

Financial Projections (3 Years)

• Projected income statements, balance sheets, and cash flow statements for 3 years
• Must demonstrate that the business can service the SBA loan debt with a DSCR of at least 1.25x
• Projections should be conservative and tied to realistic assumptions
• Include a sources and uses statement showing how loan proceeds will be deployed

This is where GoSBA gives you a massive advantage. We provide a free professional business plan and financial projections — a package that typically costs $2,500 to $5,000 from a consultant. Our team builds projections that lenders actually trust because we know exactly what underwriters look for.

Additional Documents Lenders May Request

Depending on the complexity of your deal, lenders may ask for additional documentation:

• IRS Form 4506-C: Authorizes the lender to obtain your tax transcripts directly from the IRS to verify the returns you submitted
• Entity formation documents: Articles of incorporation/organization, operating agreement, EIN letter, and certificates of good standing for your acquisition entity
• Insurance quotes: Business liability, property, key-man life insurance, and hazard insurance
• Landlord estoppel certificate: Confirms the current lease terms and that the tenant (business) is in good standing
• Non-compete agreement: Most lenders require the seller to sign a non-compete as a condition of the loan
• Seller note standby agreement: If the seller is providing financing, the lender will require specific standby terms
• Environmental questionnaire: Especially for manufacturing, auto, or real estate-heavy businesses

Common Mistakes That Delay Your SBA Loan Closing

After helping close hundreds of SBA deals, here are the document-related mistakes we see most often:

• Submitting incomplete tax returns: Missing schedules, K-1s, or attachments force lenders to come back and ask again — adding days or weeks
• Outdated financial statements: If your P&L is 3 months old, the lender will ask for an update before proceeding
• PFS that doesn’t match reality: If your personal financial statement shows $200K in liquid assets but your bank statements show $50K, expect questions
• Lease term too short: A 3-year lease on a 10-year SBA loan is a non-starter for most lenders
• No professional projections: Hand-drawn projections on a napkin won’t cut it. Lenders need institutional-quality financial models
• Waiting until the last minute: Start gathering documents the day you sign the LOI, not the day the lender asks

How GoSBA Helps You Prepare a Bulletproof Document Package

Navigating the SBA document maze alone is stressful and error-prone. That’s exactly why GoSBA exists.

• 50+ lender network: We know exactly what each lender requires, so you never waste time preparing documents that won’t be needed
• Free business plan and projections: Our team creates lender-ready business plans and financial projections at no cost to you — saving you $2,500-$5,000
• $320M+ funded in 2025: Our track record means we know what works and what doesn’t
• Completely free service: GoSBA is paid by the lender, not by you. Our document preparation assistance, lender matching, and deal advisory cost you nothing
• Dedicated deal management: We quarterback the entire document collection process, working with you, your attorney, your accountant, and the seller’s team to keep everything on track

Your Next Step: Get Your Document Package Started Today

The sooner you start organizing your documents, the faster you’ll close. Don’t wait for a lender to send you a request list — get ahead of the process now.

Contact GoSBA today for a free consultation. We’ll review your deal, tell you exactly which documents you need, build your business plan and projections for free, and match you with the right lender from our network of 50+ SBA-approved banks and lending institutions.

Your deal is waiting. Let’s get the paperwork right so you can close it. Reach out now →