Business owners often ask why they must submit so many supporting docs along with their application, "Don't lenders already have this information?" they ask. The answer is, "No, they don't". Lenders can access some public information about your business such as contact information and credit score. However they don't know how much money you make on a monthly or yearly basis. Lenders want to understand your cash flow, assets and liabilities, along with the bigger picture of your business. Additionally they want the information to be accurate, which is why they ask for supporting documents to verify the financial strength of your business.
