Oh, banks don’t need much to loan money to a new business. The rights to your first born child should be sufficient. However, they stopped taking teenagers due to the high default rate of parents wanting to get rid of them.
All kidding aside, lenders want to see two ways to repay your loan: cash flow and collateral. A new business doesn’t have cash flow and you need a loan because you don’t have the collateral to fully self-fund. Ironic, I know.
Luckily, there is the Small Business Administration, or SBA. Lenders are more likely to give your new business a loan that is backed by the SBA. Not all banks do SBA loans, so you’ll need to look around.
The list is too long to go through all of the information that is required.
Find a more extensive list here.