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6. Cash Collateral. If you have extra cash in your business bank account or even personal bank account, you should be able to use it to back a secured loan. Cash is a relatively straightforward form of collateral and also a favorite among traditional lenders, like banks.

1. Real Property. Using real estate assets or home equity as collateral when applying for a small business loan is a common approach. That commonality, and desirability for lenders, comes down to a few factors: Real estate is valuable; it retains its value over time, even after liquidation; and it's widely available.

Include the business' signed federal income tax returns for the previous three years. Include personal resumes for each principal. Provide a history of the business and its challenges. Include an explanation of why the SBA loan is needed and how it will help the business.

All loan programs require a sound business plan to be submitted with the loan application. The business plan should include a complete set of projected financial statements, including profit and loss, cash flow and balance sheet. Your lender will obtain your personal credit report as part of the application process.

The types of collateral that lenders commonly accept include carsonly if they are paid off in fullbank savings deposits, and investment accounts. Retirement accounts are not usually accepted as collateral. You also may use future paychecks as collateral for very short-term loans, and not just from payday lenders.

What can I use as collateral for a business loan? Cash is the most liquid form of collateral, while securities like treasury bonds, stocks, certificates of deposit (CDs) and corporate bonds can also be used. Tangible assets, such as real estate, equipment, inventory and vehicles, are another popular form of collateral.

Business financial documents Gather up your past tax returns (previous three years), one year of bank statements, a balance sheet, income statement, cash flow statement, accounts receivable and accounts payable.

Credit scores, annual revenue, business plan and collateral are the four cornerstones of most business loan applications. But note that there are many other supporting documents you'll need to qualify for a business loan. They can include: your driver's license.

Collateral is when an asset is pledged to secure repayment. The five main types of collateral are consumer goods, equipment, farm products, inventory, and property on paper. All can be used as collateral when applying for loans, provided there is a recognizable value associated with the item.

What You Need to Apply for a Commercial Loan Personal Credit Score.Business Credit Score.Basic Personal Information.Basic Business Information and Permits.Two Years of Tax Returns, Both Personal and Business.Recent Business Bank Statements.Profit & Loss Statement.Cash Flow Forecast.

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A loan must be closed in a location that is convenient for the borrower. Bank Personal Financial statement form.Tax Returns – Three (3) years of historical returns complete with all schedules. If you accept the offer, complete your Loan Entrance Counseling and Master Promissory Note (MPN), which are now listed with red X's in your checklist. A loan must be closed in a location that is convenient for the borrower. Bank Personal Financial statement form. Tax Returns – Three (3) years of historical returns complete with all schedules. If you accept the offer, complete your Loan Entrance Counseling and Master Promissory Note (MPN), which are now listed with red X's in your checklist.

Pima Arizona Checklist for Business Loans Secured by Real Estate

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