Loan Package Checklist

Whether you are applying for a microloan, SBA guaranteed loan or a traditional bank loan, similar information is required to complete a loan package. The following list provides a checklist of most requirements for a loan package.

Personal Financial Information:
Personal Financial Statements (signed and dated)
Copies of Personal Tax Returns (including all schedules for 3 years)
Source/Amount of Owner's capital investment
Credit Report for owners of 20% or more, (dated within 90 days with all derogatories explained.)
Resumes from Principals, Partners or Proprietors

Financial/Business Information:
Business Plan
Description/History of the Business
How are you going to use the loan
Articles of Incorporation or Assumed Name Certificate
Credit Report for the business and owners of 20% or more (dated within 90 days with all derogatories explained.)
Cash Flow Projections (For one year by month. Second and third years may be done by quarters.)
Projected Profit and Loss (For one year by month. Second and third years may be done by quarters.)
Notes to Financial Projections (Assumptions)
Balance Sheet and Profit & Loss Statement (For the interim period dated within 90 days, each page signed/dated. Start-ups should include opening balance.)
Balance Sheet and Profit & Loss Statement (For last 3 years, each signed and dated.)
Copies of Business Income Tax Returns (for 3 years)
Copy of Existing Facility Lease (s)and/or Lease(s) to be acquired
Schedule of All Business Term Debt (Notes, Contract & Leases Payable)
Aged Accounts Receivable
Aged Accounts Payable

Collateral Requirements:
Schedule of Fixed Assets to be acquired with loan and their cost.
Appraisal on real estate and most recent Tax Appraisal.

Franchise:
Franchise Agreement and FTC Disclosure Report*

Construction, Including Leasehold Improvements:
Construction Contract* by the contractor, architect, or other, with "turn-key" firm cost quotation.
Copy of performance bond*

Additional Information:
Partnership Agreements*
Employment Agreements*
Change of Ownership/Business Acquisition* ( Copy of Buy-Sell Agreement and Copy of Escrow Instructions.)
Real Estate Acquisition* (copy of sale/purchase agreement, signed/dated, copy of escrow instructions, to include legal description.)
Hazardous Waste Assessments Report(s)* - (PHASE 1 or 2, must have for existing gas stations and frequently polluting industries.)
Real Estate Refinancing or Debt Payment* - (Copies of notes, escrow instructions and Settlement Sheet.)

*If applicable