How to better prepare credit docs when starting a new business

You’ve perhaps heard the adage, “If you fail to prepare then prepare to fail”? That might be a bit dramatic in the case of securing financing, credit or loans, but there’s certainly some truth to it. And when you’re starting a new business, it’s especially important to have all your ducks in a row to make sure your application process goes smoothly, and that it’s ultimately successful.

A little preparation makes the road to success a lot smoother

At Ritchie Bros. Financial Services, we work with a variety of lenders from across Canada and the US. Our expertise in equipment financing has helped tens of thousands of customers with tailored financing for their businesses. Our customers range from entrepreneurs to small business owners, and they all have one thing in common – they have questions and concerns regarding credit towards their new business. One question that often comes up is, “What do I need to have prepared and organized for my finance application?”

So to help you better prepare – and get the financing you need when starting a new business or in process of growing your small business – we’ve put together a short list of the most commonly required documents* and info you’ll need.

Documents that help you get financing:

1. Bank statements: Minimum 3-6 months bank statements from your personal and/or business accounts

2. Tax return documentation: personal and/or business from the past 2-3 years

3. Business plan: a comprehensive plan defining your business objectives and how you’re going to achieve your goals, including costs, projected income, etc.

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4. Industry experience: an outline of your work history, what you’ve done and where, along with any training, specializations, and certifications

5. Proof of home ownership documents: property tax assessment, mortgage statements, etc.

We’ll help you navigate your next move

Here at Ritchie Bros. Financial Services, we partner with multiple lenders from the U.S. and Canada across the spectrum. We can help you find credit providers who are ready to help tailor equipment financing to your specific needs.

If you are looking for a team of financing specialists that will understand your business needs, and provide you with an ample and flexible offer, we are your one-stop-shop. Take advantage of our PurchaseFlex™ Financing – one approval and a wealth of buying options.

*This article is intended as a guide only. Every lender’s legal requirements vary and may be different from the list above

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