Lenders involved with small business financing have similar requirements as lenders who are loaning you money to buy a house or car.
Lenders consider many factors in making a financing decision. However, these are the top factors:
Credit worthiness - Most lenders want to see a credit score of 650 or higher. They will want those scores from others who have a minimum 20% ownership in the business.
Business plan - In addition to personal financial records of owner or owners, the lender will need your business plan. An important point to note, you should explain how obtaining the loan fits into your business plan.
Business revenues - In most cases you will provide at least 2 years of business revenue records, including income tax records.
Clean History - You may not have any tax liens or late payments of taxes personally or involved with your business.