To get approved you’ll need good personal and business credit… SBA states you should not have any “blemishes” on your report. Good bank credit… An acceptable bank score requires you have at least $10,000 in your account over the last 90 days. You’ll also need a resume showing you have industry experience and a well put together business plan. 3 years of business and personal tax returns… your business returns should show a profit. And, you’ll need a current balance sheet and income statement… showing you have the funds to repay the loan.
To get approved you’ll need verification of your account receivables… if you have them. Collateral to offset the risk… usually all business assets will be taken as collateral, and some personal assets including your home. It’s not uncommon to need collateral equal to 50% or more of the loan amount. You also need articles of incorporation, business licenses, contracts with all 3rd parties and lease .