Commercial Loan Checklist

Application Checklist
The following checklist will help you identify the documents needed to process your loan request. All of these forms and documents are required. Some can be obtained with help from your accountant or attorney.

Online Forms– Complete these forms and sign and date where indicated. Make additional copies as needed.
Commercial Loan App: This form will provide information necessary on your request, and includes sections for the following:
 Summary of Project Costs: Please identify the specific use of proceeds and the source of your Capital Injection
 History of Business or Business Plan: A business Plan is preferred in a business purchase transaction or where significant growth is anticipated. This form may be used to tell us all about your business. You may use another form that provides the same information.
 Management Resume: Please tell us about yourself, owners and key employees. You may use another form that provides the same information.
 Environmental Borrowers Questionnaire: This form must be completed for any real estate offered as collateral. Make copies for additional properties if needed.
 Certification & Authorization: Read this form and sign before submitting this application.

Download Forms- Please download and fill out the following forms. These will need to be submitted with your loan application. You may upload your own projections or reports in place of the Schedule of Debt, Collateral and Projections.
Request for Copy or Transcript of Tax Form (Form 4506) – This form is absolutely essential. It must be signed by the previous owner when this is a purchase transaction. Be advised that the Bank is required to verify the tax returns.
Personal Financial Statement Please provide one for each owner of 20% or more.
Projected Income Statement Required for new businesses or where substantial increases in revenues are expected
Statement of Personal History (SBA Form 912) Provide one for each owner of 20% or more.
Schedule of Business Debt: You should complete this form listing all business debt, including the debt to be paid off are assumed by the seller
Schedule of Collateral: Describe all collateral of the offered which may be offered

Additional documentation – These forms must accompany the application documents

 Personal Tax Returns, including all schedules for prior year.
 Interim Financial Statement Balance sheet and Income Statement dated within 60 days of application
 Business Tax Returns, including all schedules for prior three years.
 Business Financial Statements, for fiscal year ending last three years.
 Accounts Receivable and Accounts Payable Aging. These should be as of the date of Interim Financial Statements.
 Company formation documents, such as Articles of Incorporation, Partnership Agreements or other documentation of legal identity.
 Purchase Agreement with all Addenda.

Special instructions

• If you are an existing SBA borrower, please provide a copy of the prior SBA Authorization, loan Note, security agreement and/or Trust Deeds, and any business loan agreement.

• If this loan is to acquire an existing business, please provide:
 Business Tax Returns on the seller’s business for prior three years and CPA-prepared Financial Statements where possible.
 An Interim Balance Sheet and Income Statement (no older than 60 days) for the business
 A schedule of all Business Debt to be assumed or paid off
 A list of A/R, Inventory & A/P in aging format, dated as of the Interim Balance Sheet. (Totals should match the A/R and A/P accounts on the interim Balance Sheet.)
 IRS Tax Verification Form 4506-T signed and dated by the Seller. This is a required form.
 Copy of a signed Purchase Agreement with the total purchase price specified, and any amendments & loans carried back by the seller (keep in mind that the seller must agree not to accept payments unless specifically approved by the SBA
 List of assets acquired from the seller.
 Completed Projection of Income and Expenses Worksheet (provided) for one year with assumptions identified.

• If you own 20% or more of an affiliated company, please provide for each:
 A description of affiliates
 The percent of ownership of affiliates
 Interim Balance Sheet and Income Statement no older than 60 days
 Schedule of all Business Debt
 Business Tax Returns for prior three years

Please Remember: All forms MUST be signed and dated in ink, including any copies of originals.

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