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Lender Pre-Qualification Checklist

Over 90% of small businesses can't pass this lender pre-qualification checklist.

Business owners simply don't know what lenders require for loan approvals, and they don't know how to bring their businesses into compliance. This checklist solves that problem.

Before you begin, you need to complete our Funding Pre-Qualification Check, so that you can see exactly what your business is missing.

Part of the Business Credit Builder: Part 1

Establishing Your Business Entity

These items should be done first, because you'll need these key pieces of information to be uniform throughout the remainder of the process.

Business Registration:

Is my business registered in the state I plan to do business in?

EIN:

Is my business registered with the IRS?

Business Address:

Is my business registered to a professional address (non-residential or PO Boxes)?

Business Phone Number:

Does my business have a dedicated, professional phone line?

Business Email Address:

Do I have a dedicated, professional email address?

Part of the Business Credit Builder: Part 1

Setting Up Your Secondary Registrations

With your basics established, you'll continue setting up your other registrations and your general business presence.

D-U-N-S Number:

Have I received my unique ID number from Dun & Bradstreet?

Business Website:

Does my business have a professional and trustworthy website?

Business Licenses:

Am I licensed to do business under the laws of the state and local governments?

411 Directory Registration:

Can lenders locate my business on the official 411 Directory?

Part of the Business Credit Builder: Part 1 & 3

Managing Your Business Finances

Next, you'll need to showcase the healthy financials for your business.

Business Bank Account:

Do my last 6 months of banking history show positive cash flow?

Financial Statements:

Can I provide Profit & Loss statements or a Cash Flow Forecast for my business?

Tax Returns:

Can I provide 2 years of Business & Personal tax returns?

Bank Rating:

Does my business have a "Low 5" bank rating or higher?

Part of the Business Credit Builder: Part 2

Established Credit History & Credit Mix

Now that lenders have verified your business and credit profile, you want to make sure that your business can show a variety of accounts in good standing.

Personal Credit Score:

Is your personal credit score 680 or higher?

Vendor Lines of Credit:

Do I have accounts in good standing with at least 5 vendors?

Additional Tradelines & Accounts:

Do I have a mix of Business Lines of Credit, Business Credit Cards, Installment Credit or other revolving credit, each in good standing?

Business Credit Score:

Is my business credit score an 80 or higher?

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yOUR LENDER CHEAT SHEET FOR GETTING APPROVED

Avoid getting denied for funding! Follow this 23-point checklist to get your business pre-qualified with no personal guarantee!