Bring a one page summary of your request, your last two years of business financials and tax returns, current year to date numbers, a list of your existing debts, and a clear answer to "how does this loan get repaid?" With those in hand, a lender can tell you on the call whether the deal fits.
You do not need the full application package for a first call. You need enough for the loan officer to screen you properly and tell you what comes next.
The one page summary
This is the most useful thing you can bring, and almost nobody does. Write it yourself. Keep it to one page.
- The business. Legal name, what you do, years in operation, location, number of employees, ownership split.
- The request. Amount, purpose, and the loan type you think fits.
- Sources and uses. Where every dollar comes from and goes. For a $600,000 equipment purchase with $60,000 down: loan $540,000, owner cash $60,000, total $600,000, all to equipment.
- Repayment. One or two sentences linking the loan to cash flow.
- Collateral offered. What you can pledge: equipment, real estate, receivables.
- Anything unusual. A loss year, a lawsuit, a big customer concentration, a recent change in ownership. Say it here.
An officer who receives this before the call arrives prepared. The call becomes a discussion of your deal instead of an interview.
The core documents
These are what nearly every business lender asks for first, at banks, credit unions and SBA lenders alike. Have them as clean PDFs in one folder.
| Document | Why the lender wants it |
|---|---|
| Business tax returns, last two to three years | Verified income, the starting point for cash flow analysis |
| Year end financial statements, same years | Balance sheet and income statement detail the return does not show |
| Interim financials, year to date | Shows the current year is holding up |
| Accounts receivable and payable aging | Working capital health, needed for any line of credit |
| Debt schedule | Every loan and lease: lender, balance, payment, maturity, collateral |
| Personal financial statement for each owner of 20 percent or more | Guarantor strength, outside assets and liabilities |
| Personal tax returns for those owners, two to three years | Global cash flow and outside income |
| Business bank statements, last three to six months | Real cash movement, average balances |
In Canada, the business return is the T2 corporate return and the financial statements are often prepared by your accountant as a notice to reader or review engagement. Bring whatever your accountant produces. Lenders know the formats.
The debt schedule deserves a special mention. Lenders calculate your debt service coverage, roughly the cash available to pay debt divided by all debt payments, and they need every obligation to do it. Missing a lease or a merchant cash advance is a common reason a deal looks fine on the call and fails in underwriting.
Extras by loan type
Some loans need more on day one. If yours is one of these, bring the extras too.
Commercial real estate or SBA 504. The purchase contract or letter of intent, property address, a rent roll if there are tenants, and whether you will occupy the building. Lenders treat owner occupied and investment property very differently.
Business acquisition. The seller's last three years of tax returns and financials, the letter of intent with price and terms, and your own resume showing why you can run the business. For business acquisition loans, the buyer's experience is close to half the credit decision.
Equipment. A quote or invoice from the vendor with the make, model and price. Used equipment needs the year and condition.
Startups and expansions. A business plan with a monthly projection for the first two years and the assumptions behind it. Lenders read the assumptions more closely than the totals.
Lines of credit. Receivable and inventory detail. Asset based lenders will want these monthly.
Numbers to know cold
Documents prove things. These numbers you should be able to say without looking.
- Annual revenue, this year and last
- Net income or EBITDA last year
- Total existing debt and monthly debt payments
- Your personal credit score range
- Cash on hand
- How much you can put down or inject
- Your largest customer as a share of revenue
If you have to dig for these during the call, the officer notices. If you say them crisply, they notice that too, and it sets the tone for the whole file.
Questions you should bring
The first call is a two way screen. You are deciding whether this lender is worth your time.
- What deal sizes and industries do you usually lend to?
- What would make this request a no?
- Who approves it, and how long does that usually take?
- What collateral and personal guarantees would you expect?
- Do you require us to move our operating account?
- What do you need from me to issue a term sheet or letter of interest?
- Is this better as a conventional loan or under an SBA 7(a) structure? In Canada, would the Canada Small Business Financing Program fit?
Write down the answers. They are what you will compare across lenders, and they matter as much as price.
What to hold back, and how to follow up
You do not need to send ten years of records, every bank statement since opening, or a 40 page business plan for an established company. Volume does not help. Clarity does.
Do not hand over your Social Security number or SIN, or authorize a credit pull, until you know the lender is a fit and you know whether the pull is soft or hard. Most banks and SBA lenders will discuss a deal without one. A reputable lender will tell you exactly when and why they need it.
Do not bring a number you cannot support. If your projection shows revenue doubling, bring the signed contracts or pipeline that justify it, or leave it out.
After the call, send a short thank you within the day, attach anything they asked for, and confirm the next step and date in writing. "Thanks for the time today. Attached are the 2024 and 2025 returns and the debt schedule. You mentioned a letter of interest by the 14th; let me know if you need anything else before then."
That email does two things. It gets your file moving, and it gives you a record to point to if the date slips.
The register lists lenders and their loan officers by lender type and place, so you can line up two or three first calls with lenders that already do your kind of deal. Start with banks, credit unions or a region such as British Columbia or California.
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