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Small business, Loan Application Checklist

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Small business.

Loan Application Checklist

IN ORDER TO PROVIDE PROMPTER RESPONSE TIME TO SBA LOAN APPLICATIONS, PLEASE COMPLETE AND SUBMIT THIS CHECKLIST WITH THE APPLICATION TO YOUR BANK. WITH FEW EXCEPTIONS, THIS CHECKLIST, WHEN COMPLETED, SHOULD CONSTITUTE AN ACCEPTABLE APPLICATION. PLEASE NOTE THAT ALL DOCUMENTS MUST BE SIGNED AND DATED.

CREDIT DOCUMENTATION REQUIREMENTS:

—. SBA Form 4, "Application for Business Loan." Fully completed. SIGNED AND DATED by a principal or partner as required. If prepared by someone other than applicant, fees disclosed on SBA Form 4.

—. SBA Form 413, Personal Financial Statement. Submitted (SIGNED AND DATED) by each stockholder with 20% or greater ownership, each officer regardless of ownership percentage, each partner, or the individual proprietor.

—. SIGNED AND DATED fiscal year-end balance sheets and income statements (or business tax statements) for each of the last three years. These same statements are also required from affiliated companies.

—. SIGNED AND DATED balance sheet and income statement current within 90 days as of the date the application will be submitted to SBA. The Indebtedness Section of SBA Form 4, Application for Business Loan, should agree with the indebtedness reflected on this financial statement. These same financial statements are required from affiliated companies.

—. A SIGNED AND DATED aging of Accounts Receivable and Payable as of the current balance sheet.

—. Reconciliation of net worth covering all financial statements submitted.

—. SIGNED AND DATED Form MWR-1, signed and dated two years earnings projection. This may be on another form as long as the information is provided. Must be accompanied by a detailed narrative as to how the projected income and expense figures were derived.

—. SIGNED AND DATED Monthly Cash Flow projection for first 12 months after loan. This is mandatory in all line of credit applications.

—. SIGNED AND DATED history of the business, including the benefits expected from the loan.

—. SIGNED AND DATED resume(s) of the Management (regardless of amount of ownership) of the business.

—. SIGNED AND DATED list of any equipment being purchased and vendor's quotes or estimated cost per item.

—. For construction, contractor's estimates and preliminary construction plans and specifications.

—. SBA Form 641, Request for Counseling.

—. Provide copies of all of the following, as appropriate: 1) Lease. 2) Franchise Agreement, complete with FTC Disclosure statement. 3) Purchase agreements (change of business ownership or real estate). 4) Copy of appraisal(s). 5) Copy of any note(s) being paid from loan proceeds.

—. If a new business start or change of business ownership, provide a SIGNED AND DATED capital investment balance sheet and the source and use of the applicant's investment.

—. SBA Form 159, Compensation Agreement for Services in Connection with Application when fees have been charged for Preparation of the Application.

—. Where non-residential real estate is being pledged as collateral, an ENVIRONMENTAL QUESTIONNAIRE MUST be submitted with the application, completed, signed, and dated by the LENDER and signed and dated by a principal of the small business concern.

—. SBA Form 4-I, Lender's Application for Guaranty or Participation. FULLY COMPLETED front and reverse sides, including proforma balance sheet and historical, interim and projected P&L spreads; complete financial analysis covering the five (5) subjects identified in the instructions. SIGNATURE AND TITLE OF OFFICER ACTING ON BEHALF OF THE LENDER.

REGULATORY REQUIREMENTS: The following documents must be submitted; our office cannot accept applications without the following documents:

—. SBA Form 912, Statement of Personal History. Must be provided by the same individuals as personal financial statement above. Also, for all directors if business is a corporation or day-to-day managers.

—. SBA Form 1624, Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion—Lower Tier Covered Transactions. Completed, SIGNED AND DATED by Authorized Representative of the Company. (Guaranteed bank loans only—TO BE RETAINED BY BANK).

—. SBA Form 1846, Statement for Loan Guarantees and Loan Insurance, to be SIGNED AND DATED by the Lender.

_________SIGNATURE OF LENDER VERIFYING DOCUMENTATION

DIRECT LOANS ONLY:

—. Two Bank Decline Letters. One MUST be from your bank of account. Letters must include name and telephone number of banker, amount and terms of the loan requested, reason(s) for decline, and whether or not the bank will participate with SBA. In cities with 200,000 people or less, one decline letter from applicant's bank of account will be sufficient.

—. If Vietnam Veteran, a copy of DD-214 showing length of service and honorable discharge. If disabled Vet, letter from Veterans Affairs physician or official documenting degree of disability.

—. If handicapped, letter from physician or therapist certifying handicap, its permanence, and the limitations place upon the applicant due to handicap.

—. SBA Form 1623, Certification Regarding Debarment, Suspension, and Other Responsibility Matters—Primary Covered Transactions. Completed, SIGNED AND DATED by authorized representative of the company. THIS IS A REGULATORY REQUIREMENT.

ESTIMATED PROJECTION AND FORECAST OF TWO YEARS EARNINGS ATTACH A NARRATIVE EXPLAINING THE BASIS FOR THE SALES AND EXPENSE FIGURES

YEAR

% of Sales

Gross Receipts	$........................	_____%	$........................	_____%
Opening Inventory ...................................................................	..........................	..........................	..........................	..........................
Materials	..........................	..........................	..........................	..........................
Direct Labor ..............................................................................	..........................	..........................	..........................	..........................
Subcontract Cost ......................................................................	..........................	..........................	..........................	..........................

Purchases ..................................................................................	..........................	..........................	..........................	..........................
Overheads .................................................................................	..........................	..........................	..........................	..........................
Totals .........................................................................................	..........................	..........................	..........................	..........................
Less Ending Inventory .............................................................	..........................	..........................	..........................	..........................
Cost of Goods Sold ..................................................................	..........................	..........................	..........................	..........................
Gross Profit ...............................................................................	$........................	_____%	$........................	_____%
Expenses
Officer's Salaries .....................................................................	..........................	..........................	..........................	..........................
(if corporation)
Employee wages .......................................................................	..........................	..........................	..........................	..........................
Accounting & Legal fees ..........................................................	..........................	..........................	..........................	..........................
Advertising ................................................................................	..........................	..........................	..........................	..........................
Rent .............................................................................................	..........................	..........................	..........................	..........................
Depreciation .............................................................................	..........................	..........................	..........................	..........................
Supplies .....................................................................................	..........................	..........................	..........................	..........................
Electricity ..................................................................................	..........................	..........................	..........................	..........................
Telephone ..................................................................................	..........................	..........................	..........................	..........................
Interest .......................................................................................	..........................	..........................	..........................	..........................
Repairs .......................................................................................	..........................	..........................	..........................	..........................
Taxes ..........................................................................................	..........................	..........................	..........................	..........................
Insurance ..................................................................................	..........................	..........................	..........................	..........................
Bad Debts ..................................................................................	..........................	..........................	..........................	..........................
Miscellaneous .........................................................................	..........................	..........................	..........................	..........................
(postage, etc.)
Total Expenses ..........................................................................	$........................	_____%	$........................	_____%
Net Profit ...................................................................................	..........................	..........................	..........................	..........................
Less: Federal Income Tax ........................................................	..........................	..........................	..........................	..........................
Less: State Income Tax ............................................................	..........................	..........................	..........................	..........................
Net Profit After Taxes ..............................................................	..........................	..........................	..........................	..........................
Less: Withdrawals ...................................................................	..........................	..........................	..........................	..........................
(proprietorship/partnership)
Net Profit remaining for loan Payments .............................	$........................	_____%	$........................	_____%

Overhead to be broken down into major expense categories such as supplies, occasional labor, etc. on separate schedules.

_________NAME _________TITLE _________DATE

MWR Form 1 (5/89)

IMPORTANT: This sheet must be signed and dated.

A. Reflects the full name of the Company/Business owned. Leave blank if you are not yet in business.

B. Name. If partnership or corporation, enter only one name.

C. through H. Complete as indicated.

I. Reflects the client's PRIMARY business.

J. Complete as indicated. (Check only one)

If in business, this box refers to owner of business. If going into business this box refers to the applicant's gender. If joint ownership, No. 3 refers to male and female joint ownership.

K. Complete as indicated. (Check all that apply)

L. Complete as indicated. (Requires multiple answers)

M. Requires two answers.

Select one answer for RACE and one answer for ETHNICITY.

N. Complete as indicated. (Narrative answer required)

O. Complete as indicated. (Requires multiple answers)

P. Complete as indicated.

Q. To be completed by counselor. (Check all that apply)

Q2. Applicant—refers to applicants for SBA financial assistance.

Q4. COC—refers to applicants who have applied for Certificate of Competence

R. Determine the area for which you will provide assistance. (Check only one)

Environmental Questionnaire

Instructions: The following shall be used as a guide to determine if Phase I or Phase II audit is needed, and is to be completed during an on-site inspection by the lender where commercial real estate is to be taken as collateral (residential real estate is excluded).

1. Determine the prior, current, and planned uses for the property. If any of these uses involves an operation that used or uses toxic chemicals, conduct a Phase I audit. (Discussions with current/prospective owners can help identify uses.)

2. To the extent possible, determine the prior, current, and planned uses of all adjoining property. If any of these uses involves an operation that used or uses toxic chemicals, conduct a Phase I audit. (Discussions with current/prospective owners, as well as a visual check, can help identify uses.)

3. Conduct a visual inspection of the facility, preferably accompanied by current owners. The following observations may trigger the need for a Phase I audit:

any evidence that chemicals are used in the operation of the facility.

discarded chemical containers.

waste piles of any type (ask about buried waste and the presence of underground storage tanks).

evidence of distressed vegetation or nonvegetation areas.

oily films on standing water.

discolored soils.

unusual odors.

4. Determine that the applicant has all relevant environmental permits and/or notifications in place. If not, conduct a Phase I audit. (Local regulatory authorities could be consulted for assistance on requirements.)

5. Determine whether the facility has ever been involved in:

any citations, claims, or complaints regarding environmental problems.

any notices of violations.

any environmental clean-up actions.

(Discussions with the applicant, as well as local regulatory authorities, can identify facility abuse.) If yes on any point, conduct a Phase I audit.

SBA Form 1738

Lender Recommendation and Report

Lender or SBA Report on Issues Covered by This Questionnaire (Attach additional sheets if necessary):

Recommendation:

_______________

Name of Lender

By: _________

Title:

Date: _________

Acknowledgement By The Applicant:

I acknowledge that I have read this questionnaire, and have responded to the issues and questions posed therein to the best of my knowledge.

_______________

Business Name

By: _________

Title:

Date: _________

Page 1 Page 2 Page 3 Page 4 Page 5

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