Documents You'll Need to Apply

Standard Documentation

Most equipment financing applications require these core documents:

Business Documentation

• Business registration — Articles of incorporation, business license, or sole proprietorship registration
• Business number — Your CRA business number
• Operating agreement — For partnerships or LLCs

Financial Documentation

• Bank statements — Typically 3-6 months of business bank statements showing deposits and cash flow
• Financial statements — Balance sheet and income statement (may be required for larger deals)
• Tax returns — Last 1-2 years of business tax returns (T2 for corporations)

Personal Documentation

• Government ID — Driver's license or passport for all principals/guarantors
• Personal tax returns — May be required for smaller businesses or startups
• Personal financial statement — Summary of personal assets and liabilities (for some deals)

Equipment Documentation

• Equipment quote — Detailed quote from dealer or seller showing equipment specs and price
• Bill of sale — For used equipment purchases
• Equipment specifications — Year, make, model, serial number (when available)

Industry-Specific Documents

Depending on your industry, additional documentation may be required:

Transportation / Trucking

• Driver's abstract
• CVOR (Commercial Vehicle Operator's Registration) — Ontario
• NSC (National Safety Code) rating — if applicable
• Proof of insurance or ability to obtain commercial auto coverage
• Operating authority documentation

Construction

• Contractor license (where required)
• Current contracts or backlog summary
• Bonding information (for larger contractors)
• WSIB clearance certificate — Ontario

Healthcare / Medical

• Professional license/credentials
• Practice registration
• Provincial health billing number (if applicable)

Restaurant / Food Service

• Food service license
• Lease agreement (showing location security)
• Health inspection records (for existing establishments)

For Newer Businesses or Challenged Credit

If your business is under 2 years old or you have credit challenges, lenders may request additional documentation:

• Detailed business plan
• Revenue projections
• Signed contracts or letters of intent from customers
• Proof of industry experience (resume, references)
• Larger down payment verification (proof of funds)
• Personal credit explanation letter

Tips for Smooth Documentation

• Gather documents before applying — Having everything ready speeds up the process significantly.
• Ensure statements are current — Bank statements should be within the last 30 days.
• PDF format preferred — Scanned documents should be clear and legible.
• Match names exactly — Business name on documents should match registration.
• Be proactive — If you know there are issues in your documentation (gaps in statements, name changes, etc.), explain them upfront.