Loan and grant checklist

By Egleston Square Main Street | September 22, 2023

You can download the full checklist HERE.

Documents you will need to qualify for financing and commercial services to small business, including:

  • Grants 
  • Loans
  • Lines of credit
  • Credit cards
  • Bank accounts
  • Payroll
  • Verifone
  • ATM machines, etc.

Examples of personal documentation – for sole proprietors:

For proof of identity, business revenue and that you are up to date with all income tax returns and payments: 

At least two years of personal income tax  returns, with Schedule C
Social security numbers should be visible on all documents.
https://www.irs.gov/businesses/small-businesses-self-employed/sole-proprietorships
A copy of your Massachusetts government-issued ID
Credit history (This varies by institution)https://consumer.ftc.gov/articles/free-credit-reports

Examples of commercial documentation:

To prove that you are a legally incorporated business in good standing, up to date with all federal and state taxes:


A copy of your current Certificate of Good Standing issued by the Massachusetts Secretary of State.
https://www.mass.gov/info-details/dor-certificate-of-good-standing-andor-corporate-tax-lien-waiver-faq

City of Boston Business Certificate (Updated)
https://www.boston.gov/departments/city-clerk/how-apply-business-certificate
Federal business tax return for at least two years, with all attachments.
https://www.irs.gov/forms-pubs/about-form-1120
EIN numbers must be fully visible on documents.https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

To facilitate payments from institutions and the government:


Completed and signed IRS Form W-9 for your company or you as sole proprietor.https://www.irs.gov/forms-pubs/about-form-w-9

A UEI (Unique Entity ID) number.https://sam.gov/content/home

To give you an accurate idea of the dollar amount to request or borrow…

To prove that the business’s request fulfills the purpose of the grant or loan…

And lending or granting institutions also sometimes require this documentation to prove to their investors that they are making a wise decision:

  • 1-3 Year financial projections
  • 1-5 year business plan [SBA guide on how to write your business plan].
  • Credit history (this varies by institution)
  • Cash flow statement of business accounts 
  • Profit and loss statement for the last fiscal or calendar year
  • Documentation of pay for at least 2 employees (varies by program)
  • Explanation of use of funds 
  • Support letter from community or neighborhood groups (for some grant programs)
Posted in Economic Development Committee, Small Business, Small Business Resources, Small Business Workshops