The application and your financials
Tax returns, a profit-and-loss statement, a balance sheet, what you'll use the money for — and usually your personal finances too. Lenders want the whole picture.
The loan agreement and note
The core promise: amount, rate, schedule. Plus the covenants — rules you agree to live by while the loan is open, like sending financial statements or not taking on other debt without permission. Read the covenant list slowly. It's the part owners skip and regret.
The security agreement and UCC-1 filing
This pledges business property as collateral. The UCC-1 (a standard public filing under the Uniform Commercial Code) puts this lender first in line for that property. It also shows up when other lenders check on your business, so know what you've pledged.
The personal guaranty — read this one twice
Your company's legal shield (the LLC or corporation) normally protects your personal money. The guaranty hands that shield back for this loan. Things worth negotiating: whether the guaranty covers the whole loan or a capped amount, whether it shrinks as you pay the loan down, and whether a spouse must sign. If a lender wants your house as backup too, slow down and get advice.
Company papers
Your formation documents, plus a resolution showing the business approved the loan and who's allowed to sign it.
SBA loans add federal forms
If it's an SBA (Small Business Administration) loan, expect extra government forms and an SBA guaranty fee.