A business credit application is a document used when a business owner wants to obtain credit from another business, and it contains information that helps a lender make a decisions on lending to the business, states Rocket Lawyer. This application is useful in case the borrower doesn't pay and debt collection becomes necessary.
A business credit application may contain sections for the business owner's personal information, company information, bank and trade references and overall financial standing information, according to Biztree. For example, the business owner may have to disclose total assets and liabilities and admit any previous bankruptcies. When applying for business credit, the business owner should have a business credit profile with a suitable score, which is different from the personal credit report and score, notes Entrepreneur.