Part of the SCCC EAC’s State Small Business Credit Initiative (SSBCI) Resources
Access SSBCI Funding: What You’ll Need to Apply for a Small Business Loan
Getting a business loan starts long before you walk into a lender’s office. It starts with knowing what they’re looking for and showing up prepared. This guide breaks down the documents most lenders require, explains why each one matters, and points you to EAC resources that can help you get there.
Who These Loans Are For
Through New York State’s State Small Business Credit Initiative (SSBCI), the SUNY Suffolk EAC has partnered with lending institutions to connect small business owners with affordable loan options, including businesses owned by Socially and Economically Disadvantaged Individuals (SEDI) and Very Small Businesses (VSB), to help recover from the economic impact of COVID-19 and build a stronger path forward.
Our lending partners include:
- Pursuit Lending
- La Fuerza CDC
- BOC Capital Corp
- Renaissance Economic Development Corporation
Documents You’ll Typically Need
Every lender is different, but the following documents are standard across most small business loan applications. Start collecting these early.
1. Business Plan
Your business plan is the most important document in your application. It tells lenders who you are, what your business does, who your customers are, and most critically, how you’ll repay the loan.
A strong business plan typically includes:
- Business description and mission
- Products or services offered
- Target market and competition analysis
- Marketing and sales strategy
- Management and ownership structure
- Financial projections (revenue, expenses, break-even)
- Funding request and how the funds will be used
📋 How EAC Can Help: Our 60-Hour Entrepreneurial Training Program walks you through building a complete business plan from scratch (section by section) with guidance from experienced advisors. [Learn more and register here].
2. Personal Financial Statement
Lenders need a clear picture of your personal financial health, especially if your business is new or doesn’t yet have its own financial track record.
A Personal Financial Statement typically includes:
- Your personal assets (savings, property, investments)
- Your personal liabilities (debts, loans, credit cards)
- Your net worth
📋 How EAC Can Help: We provide a free fillable PDF Personal Financial Statement to make this step easier. [Download it here].
3. Debt Schedule
A debt schedule is a complete list of all current debts (both personal and business). Lenders use it to evaluate your existing obligations and determine how much additional debt you can responsibly carry.
It typically includes:
- Creditor name
- Original loan amount
- Current balance
- Monthly payment
- Maturity date
- Collateral (if any)
📋 How EAC Can Help: We also provide a free fillable PDF Debt Schedule so you can organize this information in the exact format lenders expect. [Download it here].
4. Business and Personal Tax Returns
Most lenders will ask for 2–3 years of both personal and business tax returns. If your business is newer, personal returns carry more weight.
5. Bank Statements
Expect to provide 3–6 months of business bank statements (and sometimes personal statements as well). These help lenders verify your cash flow and spending patterns.
6. Business Licenses and Legal Documents
Gather any documents that establish your business as a legal entity, including:
- Business license or certificate of authority
- Articles of incorporation or organization
- Partnership or operating agreement (if applicable)
- EIN (Employer Identification Number)
- DBA (“doing business as”) registration, if applicable
7. Proof of Collateral (If Required)
Some loans (particularly larger amounts) require collateral. This may include:
- Real estate (commercial or personal property)
- Equipment
- Inventory
- Accounts receivable
Not all SSBCI loans require traditional collateral. Ask your lender or EAC advisor about options available to you.
8. Business Financial Statements
If your business has been operating, lenders will want to see:
- Profit & Loss Statement (Income Statement): typically for the past 1–2 years
- Balance Sheet: a snapshot of assets, liabilities, and equity
- Cash Flow Statement: showing money coming in and going out
If your business is pre-revenue, projected financial statements (often part of your business plan) may substitute for actuals.
Ready to Take the Next Step?
The EAC is here to help you prepare, from building your business plan to organizing your financial documents. Our advisors work one-on-one with small business owners at no cost.
Contact us to get started:
📧 eapcenter@sunysuffolk.edu
📞 631-851-6214
Trusted by over 2,000 New York State entrepreneurs.
SSBCI funding is made available through Empire State Development. SEDI-owned businesses and very small businesses are encouraged to apply. Learn if you qualify as a SEDI-owned business.