In short
- Almost every lender starts with the same two things: a fully completed application and recent business bank statements (3 months in the US, 6 months in Canada, all pages, as PDFs).
- Longer and cheaper loans need more: tax returns, financial statements, a debt schedule and details on collateral.
- US files use an EIN and IRS returns; Canadian files use a CRA Business Number, CRA notices and, in Quebec, an NEQ.
- A complete, consistent file is one of the simplest ways to get a faster decision.
A lot of the delay in business funding has nothing to do with credit. It comes from missing pages, the wrong statements, an application with blanks in it or a name that does not match across documents. The good news is that this part is entirely in your control. This guide lists what lenders typically ask for, product by product, with separate notes for the United States and Canada, and ends with a checklist you can work through.
Every lender sets its own requirements, so treat this as a strong starting point rather than a guarantee. This is general information, not legal, tax or accounting advice.
The core file: what almost every lender wants
Whatever the product, expect to provide these:
- A fully completed application. Every field filled in, including business legal name, operating name, address, ownership percentages, start date and the amount and purpose of the funding. An incomplete application is the most common reason a file sits waiting.
- Business bank statements. The most recent 3 months in the US and the most recent 6 months in Canada, all pages, as PDFs downloaded from your bank. Not screenshots, not spreadsheets, and not statements with pages missing, even blank ones.
- Government-issued photo ID for each owner, usually those with a significant ownership share.
- Proof of business registration (details by country below).
- A voided business cheque or bank letter for setting up deposits and payments.
Why bank statements matter so much: they show real deposits, balances, existing loan payments and returned items in a way that is hard to argue with. Our guide on how much your business can borrow explains how lenders use them to size an offer.
United States: what to have ready
- EIN. Your Employer Identification Number from the IRS. If you do not have one, the IRS explains how to get one on its EIN page. Sole proprietors without employees sometimes operate under their SSN; many lenders prefer an EIN.
- Formation documents. Articles of organization or incorporation from your state, and your operating agreement or bylaws showing who owns what.
- Business tax returns. For longer-term and government-backed loans, typically the last two or three years of federal business returns, with all schedules.
- Personal tax returns for owners, often requested for SBA and bank loans. Lenders may ask you to sign a form allowing them to get transcripts from the IRS; you can also request your own through the IRS Get Transcript service.
- Licences required for your industry or state, if applicable.
Canada: what to have ready
- Business Number (BN). The nine-digit number issued by the Canada Revenue Agency. Lenders use it to confirm the business exists and match it to your tax filings.
- Registration or incorporation documents. Federal or provincial articles of incorporation, or a provincial business name registration for sole proprietors and partnerships.
- NEQ in Quebec. Businesses registered in Quebec have a Quebec enterprise number (numéro d'entreprise du Québec, or NEQ) from the Registraire des entreprises. Have it ready, along with your registration statement.
- CRA Notices of Assessment. For corporations and owners, lenders often ask for recent notices to confirm returns were filed and assessed.
- Proof that government remittances are current. Some lenders ask for GST/HST (and QST in Quebec) and payroll source deduction statements, because amounts owed to the CRA can rank ahead of other creditors. If you have arrears, say so up front.
- Financial statements prepared by your accountant, for term loans and government-backed loans.
More detail on programs for Canadian businesses is in our guide on the CSBFP explained, and on our Canada page.
Documents by product
The core file covers most fast products. Longer, cheaper financing asks for more, because the lender is taking a longer view of your business.
| Product | Usually needed beyond the core file |
|---|---|
| Working capital | Often nothing more. Sometimes a recent month-to-date statement or a card processing statement. |
| Merchant cash advance | Card processing statements if repayment comes from card sales; details of any existing advances. |
| Line of credit | Recent financial statements or tax returns for larger limits; sometimes an accounts receivable report. |
| Term loan | Business tax returns, year-end and year-to-date financial statements, a debt schedule, a short explanation of how the money will be used. |
| Equipment financing | A quote or invoice from the seller showing make, model, year, serial number (if used) and price. Larger amounts may need financial statements. |
| Invoice factoring | Accounts receivable aging report, copies of invoices, customer list, proof of delivery or signed work orders, and sometimes customer contracts. |
| SBA or CSBFP loans | The fullest list: several years of returns, financial statements, a business plan or proposal, projections for newer businesses, personal financial statements, collateral details and program forms from the lender. |
The documents people forget
- A debt schedule. A simple list of every business loan, lease and advance: lender type, balance, payment, frequency and end date. Lenders will find these on your statements anyway, so listing them yourself builds trust.
- Details of existing cash advances. If you already have one, the new lender will see the debits. Tell them up front. See MCA stacking.
- A lease. Some lenders want to see that you have the right to operate at your location, especially restaurants and retail.
- An explanation letter. One short paragraph on anything unusual: a dip in deposits, a large one-off deposit, a past credit issue, a seasonal cycle. It saves a round of questions. See seasonal business funding.
- Year-to-date figures. If your last tax return is old, a current profit and loss statement shows where things stand now.
Common mistakes that slow a file down
- Missing pages. A statement with page 3 of 5 missing will be sent back. Download the complete PDF from your bank.
- Screenshots or edited files. Lenders need original bank PDFs. Anything that looks altered can end the application.
- Names that do not match. The legal name on the application, the bank statements, the registration and the tax filings should match. If you use an operating name, show both.
- Personal account statements instead of business ones. Most lenders need a dedicated business bank account.
- Blanks in the application. Ownership, start date and use of funds are the fields most often left empty.
- Old documents. Statements should be the most recent months available. A file that waits a few weeks may need to be refreshed.
Protecting your information
A legitimate referral service or lender will need your statements and ID, but some requests are red flags. CELER Funding never asks for your online banking password, and we do not ask for your SIN or SSN on our intake. Send documents only through the secure method the lender or referral service gives you, not through public links. If anyone pressures you to pay an upfront fee before funding, stop and check. The US Federal Trade Commission publishes guidance on business scams.
Your checklist
Everyone
- Fully completed application, every field
- Business bank statements, all pages, PDF: most recent 3 months (US) or 6 months (Canada)
- Photo ID for each owner
- Voided business cheque or bank letter
- Debt schedule, including any cash advances
US businesses
- EIN confirmation
- State formation documents and operating agreement or bylaws
- Business and personal tax returns (for term, SBA and larger loans)
Canadian businesses
- CRA Business Number
- Articles of incorporation or business name registration
- NEQ and registration statement (Quebec)
- CRA Notices of Assessment; GST/HST (and QST) and payroll remittance status if asked
By product, as needed
- Card processing statements (cash advance)
- Equipment quote or invoice (equipment financing)
- Accounts receivable aging and invoices (factoring)
- Financial statements, business plan, projections (term and government-backed loans)
What happens next
With a complete file, decisions come faster. Our guide on how fast you can get business funding sets out realistic timelines by product. When offers arrive, use how to read a business loan offer to compare them in total dollars.
CELER Funding is a free referral service, not a lender. We review what you send, tell you if anything is missing, and introduce you to lenders that fit. The lender makes the decision and sets the terms. We never charge you a fee; lenders may pay us a referral fee. See US business loans or Canada, or apply to get matched.