How to Prepare Your Small Business for a Bank Loan

Applying for a business loan can feel overwhelming, especially for small business owners. But at Sterling Bank, we’re here to support entrepreneurs and SMEs with clear guidance and flexible financing. Here’s how to prepare your business for a successful loan application.

1. Have a Clear Business Plan

Banks want to see how your business makes money — and how it will repay the loan. A solid business plan outlines your mission, market opportunity, competitive edge, financial projections, and how you’ll use the loan.

2. Keep Your Financial Records Updated

Clean, transparent financial statements are a must. This includes your profit & loss statement, cash flow statement, and balance sheet. If you’re not yet tracking this regularly, start now.

3. Know Your Credit History

Your business (and sometimes personal) credit score plays a big role in loan approval. Ensure any outstanding obligations are handled on time and dispute any errors that could impact your record.

4. Prepare Collateral (If Needed)

For secured loans, Sterling may require collateral like property, inventory, or other assets. Have documents ready to show proof of ownership and value.

5. Be Honest About Your Needs

We’re your partners — not just your bankers. Be clear about how much you need, how it will be used, and your plan for repayment. This transparency strengthens your chances of approval.

Let’s Grow Your Business Together

Sterling Bank believes in the power of SMEs to fuel our economy. We’re ready to walk with you — from idea to expansion.

Talk to our SME banking team today and access the support your business deserves.
👉 Apply for a Business Loan