How to Apply for a Small Business Loan

With the right idea and the right financing, the world is yours. These five steps will help you understand how to apply for a small business loan with Pursuit and get you in shape for a “yes.”

Step 1: Make sure your loan purpose is clear

Know how you’ll use your loan and how much you’ll need to borrow to meet your goal and how the loan fits into your overall business plan. With a clear plan in place, you’re one step closer to unlocking your business loan.

Step 2: Solidify your business plan

Before you start your loan application, you’ll want to make sure your business plan is up-to-date. Your business plan should include:

  • An executive summary
  • Details on your business operations
  • A summary of its history and future plans
  • A market analysis outlining who your competitors are in your industry

Looking for more information to perfect your business plan? We recommend connecting with a SCORE mentor, or checking out the SBA’s resources.

Step 3: Organize your financial statements and tax returns

What is needed to apply for a small business loan? Having your required documents together before you start applying will allow you to move quickly through the application process. Have the documents listed below ready to go so you don’t have to waste time looking for them during the application process.

Step 4: Start your Pursuit business loan application

Now that you’re familiar with how to apply for a small business loan, apply with Pursuit. With the click of a button, you have access to more than 15 small business loan programs that we directly offer. The application process varies depending on what small business loan you’re applying for, but each one starts by answering the following series of short questions. Our team is here to match you with the loan program that best fits your financing needs and use of funds.

General business information

In addition to your business plan, the following questions will help your Pursuit lender understand of your business:

  • Your business’s location
  • Your ownership structure
  • The industry your business operates in
  • How many employees your business has

Step 5: Complete your loan application

Continuing the application, the following questions will help your Pursuit lender place you with the appropriate loan program.

Financials

Provide a snapshot of your business’s financial picture with documentation such as:

  • Business taxes
  • Interim financials
  • Debt schedule

Please keep in mind that your Pursuit loan officer may ask for additional financial information later on, depending on how you plan to use your loan.

Personal information

Lastly, you’ll submit a handful of personal documents including:

  • Personal taxes
  • General personal information (home address, birthday, etc.)
  • A photo I.D. that may include a drivers license, passport, or military I.D.

Please note that additional information may be requested after submitting your initial application.

Step 6: Submit your Pursuit business loan application

Submit your application and your Pursuit lender will be in touch to collect any additional necessary information, and talk through the loan options that best suit your financing needs.

Apply today

Take the guesswork out of finding the right financing for your business. Come through our door, and you’ll find that others will open.

Find the right loan for your business today

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Get the business insights and answers you need to navigate your business loan options.
By clicking the button above, you agree to our terms and conditions.

Subscribe to The Goal Getter

Get the business insights and answers you need to navigate your business loan options.
By clicking the button above, you agree to our terms and conditions.

Subscribe to The Goal Getter

Get the business insights and answers you need to navigate your business loan options.
By clicking the button above, you agree to our terms and conditions.

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