Want to Apply for a SBA Loan in Iowa? You Need These Documents First.

posted 12/7/2016 in General

SBA Loan Documentation

Planning to grow your business?

Iowa is a wonderful place for small businesses to grow and thrive. At Lincoln Savings Bank, we’re proud to help businesses like yours! Whether you apply for a loan secured by the Small Business Administration (SBA) with us or with another lender, there are some documents you will need to provide.

Your lender will want a clear picture of your past in order to determine whether it’s smart for them to lend you money for your future plans. Different lenders may ask for different information, and you should be prepared to share any documents or information that they ask for including, but not limited to:

Your Business Plan

This doesn’t have to be a formal and elaborate document, but it must paint a clear picture of what you plan to do with your loan. If you’re planning to purchase equipment, forecast the cost of the equipment and detail how it will improve your business and foster growth. If you’re planning to build or purchase real estate, show how it will positively impact your business. Share your plans for growth and your estimated cash flow for the next few years. Explain how you plan to pay the loan back.

Personal Credit Report

Your personal credit history is an important indicator of how you handle money, and a great way to establish credibility with lenders. A high credit score will have you well on your way to getting a loan.

Business Credit Reports

This includes your current and past businesses, if applicable. If you’re a startup and have nothing to show, just make sure you have a good track record in other areas, like your personal credit history.

Personal & Business Income Tax Returns

Depending on the loan package, you will probably need to submit all your income tax returns for the last 2-3 years. Lenders will look at your annual revenue and losses.

Personal & Business Bank Statements

You will probably be required to submit one year of personal and business bank statements. Lenders will look at your average account balance to make sure you have enough money to provide a cushion and ensure you’ll be able to pay your loan back.

Personal Identification/Background

This might be filled out on the loan application itself, or you may need to bring separate documentation. Be prepared to supply any previous names you have used, your former addresses, and criminal history if applicable.


Business background and educational background can go a long way in establishing your credibility and experience.

Appraisal of Real Assets

It depends on the size of the loan, the risk involved, and other details, but you will probably need to put up collateral to take out a loan. Before you visit a lender, it’s a good idea to determine the value of the personal or business property that you would use to secure the loan.

Miscellaneous Legal Documents

 This depends on the details of the loan, but according to the Small Business Administration website, you may need to produce a business license and registration, commercial leases, franchise agreements, Articles of Incorporation, and copies of any contracts you may have with third parties.

Be prepared with all the above documentation to show that you’ve made smart financial decisions in the past. If you can prove that you’re responsible, professional, and successful, you have a good chance of getting a Iowa SBA loan to help you finance your goals!

The commercial lenders at Lincoln Savings Bank can help you review your options and provide a professional opinion about which SBA loan would benefit your business. Call us at 1 (800) 588-7551 or contact us online to speak with one of our lenders.


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