Some of this required documentation includes: • Interim financial statements • Most-recent Federal Tax Returns for each principal owner • Accountant-prepared financial statements including Profit & Loss statement and Balance Sheet for the last 3 years • Personal financial statements for each principal owner • Organization papers, such as incorporation papers, DBA papers, business licenses, etc. • List of business and personal assets that can be used as collateral • Names and contact information for at least three credit references These documents can be very difficult for a start-up business to supply, especially if they have never done any business before. Many banks expect a business to be already established before they request financing. But it is possible to get started without having an established business. Building a Strong Foundation One of the first aspects of an application a lender will look at is the business name. A business must use its exact business legal name. The full business name should include any recorded DBA filings the business is using. A business must also ensure the business name is the same on the business corporation papers, all licenses, and bank statements. Business credit can be built with almost any type of corporate entity. If the business owner truly wants to separate business credit from personal credit, their business must be a separate legal entity, not a sole proprietor or partnership. Unless they have a separate business entity (Corporation or LLC) they might be “doing business” but they are not truly “a business”. A business must be a Corporation or a LLC in order for business credit to be truly separate from personal credit. Business credit cannot, and does not, exist for a sole proprietor.