Lenders ask a Corsicana, TX business for the same core file before any offer: statements, returns, a debt list, and three numbers on time in business, revenue and credit. Specific requests add their own papers. This article lists them in the order they are usually needed.
Eagleland Finance lists what lenders ask a Corsicana, Texas business for before an offer: core documents, the three numbers they start with, extra papers for equipment, acquisition and real estate requests, and what changes for sole owners. Funding partners decide each request.
Bank statements, tax returns and a debt schedule
Bank statements show deposits, balances and other debt payments. Tax returns show profit after expenses. A debt schedule lists every loan, lease and advance with its balance, payment and end date. Together they answer whether the business can carry a new payment.
Interim financial statements fill the gap between the last tax return and today. A year-to-date profit and loss statement and a balance sheet, even unaudited, show the lender whether this year looks like last year.
Send complete statements, every page, as the bank produced them. Missing pages raise questions that slow the review.
Time in business, revenue and credit: the three numbers lenders start with
Time in business: many lenders want a year or two; some advance providers accept less. Revenue: the annual figure and how steady it is month to month. Credit: the owners' personal scores and the business credit file.
A score below a lender's cutoff does not end every option; it narrows the field. Secured loans, equipment financing and lenders that weigh cash flow more than credit may still fit, at a different price.
These three sort a request into the lenders likely to say yes. The request form asks for ranges on the first two for that reason.
Extra documents for equipment, acquisition and real estate requests
- Equipment: the vendor quote with model and year; for used equipment, an inspection or hours log.
- Acquisition: the purchase agreement, the seller's three years of returns and an asset list.
- Real estate: the purchase contract, an appraisal, a survey, title work and often a Phase I environmental report.
For a franchise, add the franchise agreement and the franchisor's approval of the transfer or the new unit. For a business that holds a state license, add a copy of it and confirm it can transfer if the business is sold.
See equipment financing and term loans for each.
Getting the file ready before the first call
Put the file in one folder before the first call. Scan statements as PDFs, name each file by month, and write a one-paragraph summary: what the money is for, the amount, when it is needed and how it will be paid back.
Read the summary out loud before the call. If it takes more than a minute, the request is still too vague, and a partner will ask the same questions the summary should already answer.
Then call. How it works shows where each document is used.
What changes for a Navarro County, TX sole owner without paid staff
Nonemployer Statistics counted 4,697 businesses without paid staff in Navarro County, TX in 2024 (NES 2024). For a sole owner, personal tax returns are the business record, and personal credit carries the request.
A sole owner should also file the business name properly: a Texas assumed name certificate for a sole proprietorship, or the entity filings with the Texas Secretary of State for an LLC or corporation. Lenders check that the name on the application matches the bank account.
11.0% of employed Navarro County, TX residents were self-employed (ACS 2020-2024, margin of error 2.0 points). A sole owner should keep business and personal accounts separate; mixed accounts are hard for a lender to read.
A requirements checklist for a Corsicana, TX request, in order
- Write the purpose, amount and date in one sentence.
- Collect six months of business bank statements.
- Collect two years of business and personal tax returns.
- Write the debt schedule.
- Add quotes, contracts or the purchase agreement.
- Check personal credit reports for errors.
- Call, then send the form.
Keep the folder current. Adding each month's statement as it arrives means a request can go out the day an opportunity appears, instead of a week later.
Questions on any step can go to (903) 214-7809.
By Eagleland Finance · Updated
