Documents Required for Business Loan
Before you get into the nitty-gritty and start thinking about what documents are required for your business loan application, you need to know how business loans work and which loan is right for your needs.
It’s a good idea to find a reliable financial institution, work out how much funding you need for your enterprise, and then make sure you can cover the repayments before you apply.
Preparing for your business loan application
What documents you need when applying for a business loan will depend on the type of loan and the lender you go with. You may be asked to provide:
- Minimum trading history
- Tax returns
- Bank account statements
- Proof of individual income
- Documents detailing security (if relevant)
In some instances, you may also be asked to provide cash flow projections, management financials, your business plan, contract of sale and even lease agreements.
Your lender will use all the information you provide about your business and any directors, partners or guarantors to understand your business’ financial situation and ensure you’re eligible for the loan you’re applying for.
Applying for business finance with Prospa NZ
Aside from requiring just a few documents for our business loan offers, Prospa provides more advantages. For instance, you’ll get a fast and easy business loan application with a guaranteed response within 24 hours. You’d also be pleased to know that we have an expert team that’s ready to assist you if you have any general business lending inquiries. Lastly, you can sit back and relax with our lending service as we’ve supported plenty of Kiwi businesses similar to yours.
Prospa is one of New Zealand’s most trusted online lenders with over a decade’s worth of experience under our belt. You can rely on us to get you the cash you need to get your enterprise up and running or even help you through a short-term rough patch. We’ll be sure to give you more than just business finance as we’ll provide you with a service you can come back to time and time again.
For more details about our benefits and procedures, visit our small business loan to learn more.
Prospa’s client-forward terms and conditions
- Loan amount. Upon approval for our small business loans, you’ll receive funds that range from $5,000 to $150,000.
- Fixed repayment terms. We are promotors of responsible lending, and as such, we have fixed terms with weekly repayments. For our small business loans, the maximum duration is 36 months.
Apply now and see what we can do for your business!
Keeping work and personal life separate
Applying for a small business loan at Prospa can lead you down the right path and help you strike the balance you need. So gather up the documents required for business loan offers and get started today!
Why Prospa? Because we support small business.
This time tomorrow you could have access to funds for growth and cash flow support.
It’s just what we do. We’re New Zealand’s small business lending specialist
have borrowed from Prospa.
You could benefit too.
Borrow up to $500K with 10 minute application, fast decision and funding possible in 24 hours
Once you have the documents required for business loan offers all sorted out, you can apply without having to worry about an initial deposit or down payment. In fact, when you take out a Prospa Small Business Loan, no asset security is required upfront to access Prospa funding up to $150K.
When you apply for a business loan, lenders usually look at your business’s credit score, revenue, and time in business. They may also look at your personal credit score if you’re a small business owner. Lenders look at all paperwork relevant to your business and use the information to decide if they will approve your loan and what interest rate they will charge you.
At Prospa, our loan application process is much simpler as we only require fewer documents. You only need to demonstrate six months of trading history and a minimum of $6K monthly turnover. You can apply for a business loan online in just 10 minutes and get a decision in as little as 24 hours. Apply now!