Educational library only. GoHarvest does not lend, broker or arrange financing.
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Next Steps to Prepare for Business Funding

If you're planning to seek financing in the next year, work through these steps in order. Each one makes the next easier, and none requires paying anyone. Score where you stand with the readiness checklist.

1. Write down the purpose and the amount

One paragraph: what the money is for, what it costs, how it will pay off and how the loan gets repaid. Then match the purpose to a product with our financing options guide.

2. Get the foundations right

  • Entity formed and in good standing with your state
  • EIN from the IRS (free; the IRS warns about sites that charge for it)
  • Business bank account used for all business money
  • D-U-N-S Number from Dun & Bradstreet (free; most arrive within 30 business days)
  • The same legal name, address and phone everywhere

3. Bring the books up to date

  • Bank accounts reconciled monthly
  • Year-to-date profit and loss and balance sheet
  • Tax returns filed for the last two or three years
  • Personal expenses removed from business accounts

4. Check your credit, both kinds

  • Personal credit reports from the three consumer bureaus
  • Business files at Dun & Bradstreet, Experian and Equifax
  • Correct errors; resolve collections, liens and judgments where you can (how)

5. Know your numbers

6. Gather the usual documents

  • Business and personal tax returns
  • Financial statements and a debt schedule
  • Personal financial statement for each owner (20%+ owners for SBA loans)
  • Formation documents, ownership breakdown, licenses, leases
  • For start-ups and acquisitions: business plan, projections and résumés

7. Choose where to apply

Start with lenders whose products fit your profile: your own bank or credit union, an SBA lender, a CDFI or an SBA microlender for amounts up to $50,000. See banks, credit unions, SBA lenders and CDFIs.

8. Compare offers properly

For every offer, get the amount you'll receive, every payment, every fee and the guarantee terms. Convert to APR and total dollars with the APR calculator. Read the guarantee and default sections before signing.

9. If you're turned down

Ask for the reasons. Under Regulation B, most small businesses have a right to a statement of specific reasons. Fix what they name, then reapply or try a lender whose product fits better.

Free help

SBA resource partners, including Small Business Development Centers, SCORE mentors and Women's Business Centers, offer free or low-cost counseling on financing preparation.

Sources

  1. SBA: 7(a) loans
  2. SBA: Microloans
  3. IRS: Get an employer identification number
  4. Dun & Bradstreet: Get a D-U-N-S Number
  5. CFPB Regulation B §1002.9: notifications

Checked November 9, 2026. Program rules and scoring models change; the source is the authority.

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