Get Your Business Loan at General Electric Credit Union. A step-by-step business loan application!

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1 Get Your Business Loan at General Electric Credit Union! General Electric Credit Union A step-by-step business loan application!

2 Getting Started: 1. Gather the supporting documents and information you need 2. Complete the business loan application 3. Call us to set-up an appointment to review If you are an existing business, or just getting started, and you re looking for financing options, we provide several opportunities for financing or refinancing. Commercial real estate term loans Revolving lines of credit Business term loans Non-profit lending SBA loans Eligible use of business loan funding includes: Real estate acquisitions Leasehold improvements Equipment financing Franchise opportunities Business debt consolidation Short-term working capital Permanent working capital Personal business loan A personal business loan could be used for a second home or property, or even a residential or multi-family investment. y Investment properties y Business vehicle loans

3 Gather the Supporting Documents & Information You Need In order to process your application without delay, we need complete information. The following checklist(s) will assist you in gathering the necessary documents and information to the evaluation of your loan request. Checklist for All Loan Requests Completed Business Loan Application Completed Resume - attached Completed Personal Financial Statement(s) - attached Previous two (2) years of personal tax returns; three (3) years, if this is an SBA loan request Organizational Documents: Articles of Incorporation/Organization By-laws/Operating Agreement Checklist for Existing Businesses (In addition to the above, All Loan Request items) Previous two (2) years of business tax returns; three (3) years, if this is an SBA loan request Current Interim Financial Statement (Balance Sheet & Income Statement) within 60 days of application Prior year Interim Financial Statement (Balance Sheet & Income Statement) for same period as listed above List of Accounts Payable and Accounts Receivable Debt Schedule listing all outstanding business debt - attached Bids/Estimates/Invoices to support loan proceeds Purchase agreements Checklist for New/Start-up Businesses (In addition to the above, All Loan Request items) Business Plan Projections Year 1 - Month-to-Month Year 2 - Annualized Year 3 - Annualized Opening Day Balance Sheet Bids/Estimates/Invoices to support loan proceeds Purchase agreements Checklist for Real Estate/Equipment Transactions (In addition to the above, All Loan Request items) Copy of Real Estate purchase contract Estimates for construction/renovations/remodeling Plans, specifications, and details of any proposed construction List of machinery, equipment, furniture and fixtures, now owned by the applicant business Checklist for Business Acquisitions (In addition to the above, All Loan Request items) Copy of Purchase Contract (Asset Purchase/Stock Purchase) Three (3) years of Seller s business tax returns Three (3) years of Seller s Financial Statements (Balance Sheet & Income Statement) Current Business Financial Statement (Balance Sheet & Income Statement) for Seller within 60 days of application 1

4 Complete the Business Loan Application GENERAL BUSINESS INFORMATION (Please complete all blanks using N/A where appropriate.) Applicant: DBA (if any): Tax ID #: Bus. Address: Mailing Address (if different from Business Address): Bus. Phone: Description of Business: Legal Status: q C corporation q S corporation q Sole proprietorship q LLC q Other: Date Founded: Number of Employees: Annual Sales Volume: $ MEMBER/APPLICANT INFORMATION County: Name: Social Security #: Date of Birth: Member #: Telephone (H): (W): Res. Address: Time at Current Address: Years Mos. Monthly Housing Payment: $ Annual Income: (from business) $ Annual Income: (from other source) $ Personal Net Worth: (excluding value of the business) $ County: Name: Social Security #: Date of Birth: Member #: Telephone (H): (W): Res. Address: Time at Current Address: Years Mos. Monthly Housing Payment: $ Annual Income: (from business) $ Annual Income: (from other source) $ Personal Net Worth: (excluding value of the business) $ County: USE OF LOAN PROCEEDS The following sections relates to your planned use for the funds from this loan request. Please be as accurate and specific as possible in breaking out anticipated expenditures by category. Projected Items Land & Building Acquisition $ Land Acquisition $ Building Construction/Improvement (Hard Costs) $ Building Construction/Improvement (Soft Costs) $ Debt Refinance $ Business Acquisition (List of assets and purchase agreement required) $ Machinery/Equipment Acquisition $ Inventory $ Furniture $ Fixtures $ Working Capital $ Other (describe): $ Total Project Cost: $ Source of Injection: Less Borrower s Injection $ Total Loan Request $ Projected Cost FINANCIAL STATEMENTS AND TAX RETURNS. Please provide a copy of the company s financial statements or tax returns for the last three years and interim financial statements for the current year. Please also provide tax returns for the last two years and updated personal financial statements. By signing below, the business applicant agrees to the following: All answers to the questions in this application and any attachments are complete and true; the Credit Union has the right to verify the accuracy of the information provided in this application; the Credit Union is authorized to check the business applicant s and/or principals credit rating; the Credit Union is authorized to provide credit information concerning the business application to others. Applicant Signature: Title: Date: 2 Applicant Signature: Title: Date:

5 Ownership & Officers Important! Have there been any changes in the last six months: Yes No List all officers, directors, partners, and owners of the Operating Company: Name: Title: %Owned Name: Title: %Owned Name: Title: %Owned Name: Title: %Owned Name: Title: %Owned Name: Title: %Owned Name: Title: %Owned Is this company for profit? Yes No Has the company or any of its principals declared bankruptcy? Yes No If yes, please provide transcript of discharged accounts. Does the business or any of its principals have existing tax liens? Yes No Is the business a franchise and/or operate under a license or dealer agreement? (If yes, please provide a copy of the agreement) Yes No Name of franchise: Is the business involved in any pending lawsuits? Yes No Does the business or any of its principals have ownership in any other businesses? Yes No Please provide copies of tax returns and K-I s to show ownership percentage. Does this business restrict patronage? Yes No Does the borrower or a principal of the borrower have any outstanding SBA loans? Yes No **If you answered yes to any of the above questions, please provide an explanation. 3

6 Resume Complete this form for: (1) each proprietor, or (1) each limited partner who owns 20% or more interest and each general partner, or (3) each stockholder owning 20% or more of voting stock, or (4) any person or entity providing a guaranty on the loan. Name: First Middle Maiden Last Residence Address: City State Zip Home Phone: Work Phone: The following forms must be completed, by each principal, before application will be processed Have you ever been employed by the U.S. Government or Military? Yes No Agency/Position/Rank Grade: Date of Service: Are you a U.S. Citizen? Yes No If no, please provide Alien Registration Card copies (front & back) Gender: Male Female Ethnic Background: White Black Hispanic Asian Pacific Islander American Indian Multi-Group Other EDUCATION College or Technical Training Dates Attended Name & Location From To Major Degree/Certificate WORK EXPERIENCE List chronologically, beginning with present employment Name of Company: % of Business Owned: Full Address: From: To: Title: Duties: Name of Company: % of Business Owned: Full Address: From: To: Title: Duties: Name of Company: % of Business Owned: Full Address: From: To: Title: Duties: 4 *Any additional information, please send along with the application.

7 Confidential Personal Financial Statement Complete this form for: (1) each proprietor, or (1) each limited partner who owns 20% or more interest and each general partner, or (3) each stockholder owning 20% or more of voting stock, or (4) any person or entity providing a guaranty on the loan. APPLICANT Full Name: Address: State and Driver s License Number: Home Address: Years There: Rent Own Social Security Number: Date of Birth: Cell Phone: Home Phone: Employer: Years There: Employer Address: Business Phone: Business Fax: Position/Title: Type of Business: Names/Ages of Dependents: Name of Nearest Relative Not Living With You/Relationship: Relative s Phone Number: Relative s Address: CO-APPLICANT (IF APPLICABLE) Full Name: Address: State and Driver s License Number: Same as above Home Address: Years There: Rent Own Social Security Number: Date of Birth: Cell Phone: Home Phone: Employer: Years There: Employer Address: Business Phone: Business Fax: Position/Title: Type of Business: Same as above Names/Ages of Dependents: Name of Nearest Relative Not Living With You/Relationship: Relative s Phone Number: Relative s Address: INCOME STATEMENT ANNUAL INCOME APPLICANT CO-APPLICANT TOTAL Salary (Gross) Source: Salary Source: Bonus and Commissions Dividends/Interest Alimony, Child Support, Separate Maintenance* Rental Income (Net) Other Income (Describe) (i.e., Trust) ANNUAL FIXED AND VARIABLE EXPENSES Primary Home Mortgage Payment (Principal and Interest) Taxes, Insurance, HOA Fees Other Mortgage Payments (Principal and Interest) Loan Payments (Excluding Mortgages) Credit Card Payments Property Taxes/Assessments (not included in Mortgage Payment) Alimony, Child Support, Maintenance Other (Itemize) (i.e., College Expenses) TOTAL TOTAL * Alimony, Child Support, or separate maintenance payments need not be included, unless applicant desires that income from these sources in connection with this application. Continue... 5

8 Confidential Personal Financial Statement continued Name: Statement of Financial Conditions as of (Date): BALANCE SHEET Attach Additional Schedules as Needed ASSETS APPLICANT CO-APPLICANT JOINT TOTAL Cash and Short-term Investments (Schedule A) (Non IRA/401k/Keogh) Marketable Securities (Stocks, Bonds, Mutual Funds) (Schedule B) (Non IRA/401k/Keogh) Securities Not Really Marketable (Schedule B) Cash Value - Life Insurance (Schedule C) Unexercised Company Stock Options (Schedule D) Notes and Accounts Receivable Real Estate Owned (Schedule E) Vested Profit-Sharing Benefits/Deferred Compensation (Schedule F) IRA/KEOGH Accounts (401(k)) (Schedule A1) Business Interest (Equity)* (Schedule G) General and/or Limited Partnership Interests (Schedule G) Automobiles (Other specialty vehicles) Personal Property Other Assets TOTAL ASSETS LIABILITIES APPLICANT CO-APPLICANT JOINT TOTAL Notes Payable to Financial Institutions - Secured Notes Payable to Financial Institutions - Unsecured Notes Payable to Company (Employer) Notes Payable to Others (i.e., Retirement Plans) Mortgages (Schedule E) Outstanding Credit Card Balances Other Accounts Payable Margin Account Taxes and Interest Payable (Unpaid but Accrued) Policy Loan - Life Insurance (Schedule C) Other Liabilities TOTAL LIABILITIES NET WORTH (TOTAL ASSETS MINUS TOTAL LIABILITIES) * If more than 20% of total assets, attach a current balance sheet and profit and loss statement of the business. Are all bad and doubtful assets excluded from this statement? No Yes Are any of your assets pledged, loaned, or hypothecated other than noted on the attached schedules? No Yes If yes, please provide details: 6 Continue...

9 Confidential Personal Financial Statement continued Name: Statement of Financial Conditions as of (Date): SCHEDULE A Accounts at Financial Institutions (Including certificates of deposit, commercial paper, money market funds, etc.) Name of Institution Savings Account(s) Balances Checking Account(s) Balances Money Market Balances Certificate of Deposits Minus Pledged Balances Total SCHEDULE A1 IRA s/keogh/401k Company-Institutions-Security Dealer Account Balance Pledges Total SCHEDULE B Securities (Stocks, Bonds, and Mutual Funds - List unexercised stock options in Schedule D only) No. of Shares or Par Value of Bonds Description Restricted Pledged Amount Owner (A/C/JT) L - Listed U - Unlisted NM - Not Marketable Cost Market Value Comments SCHEDULE C Insurance - Life (Group, Whole) and Disability Amount Name of Company Beneficiary Owner Loans Cash Value Do you have: Major Medical? Yes No Property & Casualty? Yes No Disability? Yes No SCHEDULE D Unexercised Company Stock Options Name of Company Number of Shares Expiration Date I - Incentive N - Non-Qualified Exercise Price Per Share Current Market Value Continue... 7

10 Confidential Personal Financial Statement continued SCHEDULE E Real Estate Owned (Including principal residence) Description of Property and Mortgage Holder Title in Name of Date Purchased Cost Amount Owing Mortgage Maturity Market Value Mortgage Payment Rental Income SCHEDULE F Vested Interest in Deferred Compensation/Profit-Sharing Plans % Vested Name of Company A/C Manner of Payout (Annuity, Lump Sum, Etc.) Distribution Date Beneficiary Amount SCHEDULE G General and/or Limited Partnership/Business Interest Name of Partnership/Business Type of Investment L - Limited G - General Amount Invested % of Ownership Fair Market Value in Partnership Int. CONTINGENT LIABILITIES Are you contingently liable for any additional partnership/other contributions? Are you an endorser, co-maker, or guarantor on any notes? Do you have any outstanding letters of credit? Are you contingently liable on any lease or contract? Are there any suites or legal actions pending against you? Are any of your tax obligations past due? Have you ever filed for bankruptcy? If so, when? No Yes Amount If answer to any of the above questions is yes, please provide details: (Use additional sheet if necessary) This personal Statement is provided to General Electric Credit Union (the Credit Union) for the purpose of inducing the Credit Union to extend or continue credit to the applicant. * The applicant represents and warrants to the Credit Union that the information provided in this Personal Statement is complete, correct and not misleading statement of the financial condition of the applicant as of the date of this Personal Statement. The applicant promises to promptly notify the Credit Union of any material change in the information provided which is detrimental to the applicant s ability to pay all amounts which are or may become due to the Credit Union. In the absence of such a notice, the applicant represents and warrants to the Credit Union that the Credit Union may continue to rely upon this Personal Statement as a complete, correct and not misleading statement of the financial condition of the applicant. The applicant authorizes us to obtain additional information from credit bureaus and other lawful sources including the persons and companies names in the application. The Credit Union may receive information about the applicant from others and may answer questions and requests from others seeking credit and experience information about the applicant. The undersigned certifies that all sides hereof and the information inserted therein has been carefully read and is true and correct. The undersigned understands and agrees to the representations and statements made herein. Signature (Applicant) Date Signed Signature (Co-Applicant) Date Signed 8 * Applicant (and Co-Applicant, if applicable)

11 Existing Business Debt Schedule Business Name: Date:* Creditor Name Original Amount Original Date Present Balance Interest Rate Maturity Date Monthly Payment Security Total Present Balance** Total Monthly Payment *Should be the same date as current financial statement. **Total must agree with balance shown on the current financial statement. Current/ Delinquent 9

12 Projected Annualized Income Statement Include if not part of business plan. Business Name (Existing or New): 1 st Year Projections 2 nd Year Projections 3 rd Year Projections Description Dollar Estimates % of Gross Sales Dollar Estimates % of Gross Sales Dollar Estimates % of Gross Sales Total Revenue Cost of Goods (COGS) Gross Profit Operating Expenses Depreciation Rent Accounting & Legal Advertising Dues & Subscriptions Insurance Officer s Salaries Salaries & Wages Supplies Taxes Telephone Travel & Entertainment Utilities Amortization Other: Other: Other: Other: Other: Total Operating Expense Operating Profit Before Tax Other Income Total Income Income Taxes Net Profit After Tax Attach Narrative Explaining Basis for Figures, Showing Receipts, Expenses, and Profits I certify that the foregoing data fairly represents potential annual earnings to the best of my/our knowledge. Signature Title Date Signature Title Date 10

13 Call us to set-up an appointment to review your application! You will need to bring: q Complete business loan application q Completed personal financial statement q All the required supporting documents You can count on General Electric Credit Union to help analyze your needs and suggest solutions. We will give you the one-to-one service you and your business deserve. You ll also receive: Competitive rates and terms Streamlined application process Low closing costs No prepayment penalties * So, let s get started. If you have questions, would like to know the rates and terms, or want to set-up an appointment to meet with us, call us. Speak with a Business Loan professional today! *There are no prepayment penalties on any in-house, GECU loans. Prepayment penalties apply on qualified SBA loans.

14 General Electric Credit Union Use this easy to use kit to start your business loan application. Then, call us to set-up an appointment to apply for your business loan. Call and ask to speak to a business lending professional today! General Electric Credit Union Reading Road Cincinnati, OH Equal Opportunity Lender. GECU NMLS # AB 4/15