Business Loan Guidelines

Transcription

1 Business Loan Guidelines Loan applicants must be businesses located in Northeast Ohio that are unable to obtain the money from a conventional lender or other sources The maximum loan amount is $10,000 Each owner of the company having a 20% or more interest, shall co-sign for the loan [guaranty the loan] Additional collateral may be requested at the discretion of the loan committee/board (Cost associated with filing a security interest in favor of HFLA is borne by the Borrower) The following materials must be provided in order for an application to be considered complete: Completed Application forms Complete Business Plan (if reviewed by SBDC, letter re same) Financial Statements Balance Sheet; Projections (3 years); YTD Income statement; AP/AR Aging; Most recent (2 months) Bank Statements Sources and Uses Statement Resumes of all Business Owners (owning 20% or more) Articles of Incorporation/Organization; Code of Regulations/Operating Agreement Most recent tax returns Lease Agreement/Deed for real estate/business location Proof of Insurance for Business Information regarding other debt (including UCCs; liens) may require lien/judgment search; subordination agreement Copies of invoices to be paid by loan Required documents for co-signers/guarantors Completed co-signer forms Proof of current income (e.g. most recent paystub) Financial Statement Most recent 1040 After a complete application is received an interview will be scheduled for the applicant with the loan committee. There are no prepayment penalties or fees. All repayments commence in the month following the initial loan disbursement. The repayment schedule for Business Loans is as follows: o Loans up to $4,000 must be repaid within months o Loans up to $8,000 must be repaid within 24 months o Loans up to $10,000 must be repaid within 36 months All loan checks will be paid directly to creditors. If you have any questions or would like additional information, please contact the HFLA office at or [email protected] Chagrin Boulevard Suite 204, Beachwood, Ohio Tel: Fax: [email protected]

2 23300 Chagrin Blvd. Suite 204, Beachwood, OH T: F: Business Loan Application Amount Requested: $ (max $10,000) Application No.: (for office use only) Referred By: Business Name DBAs EIN/DUNS # Business Start Date Type of Business Structure (LLC, C Corp, S Corp, Partnership, Other) Type of Business (Service, Retail, Wholesale, Manufacturing) State of Incorporation/Organization (if not Ohio, is business authorized to do business in Ohio ) State Business ID # List of Owners/Shareholders/Partners (with 20% interest): Is Business a M/WBE? (yes) (no) Current No. of Employees Will this Loan create any additional Jobs? (yes) (no) If so, how many? Address City Postal Code Phone: Fax: Business Website: Lease or Own? If lease, name of Landlord Term of Lease If Own, is there a mortgage? Name of Mortgagee Principal Amt of Loan Maturity How long at this Address? If less than 2 years, previous address Name of Financial Institution Name of Attorney: Name of Accountant: Phone: Phone:

3 LOAN REQUEST INFORMATION Dollar Amount Purpose (Cost) ADDITIONAL INFORMATION The above information is for the purpose of obtaining credit and is warranted to be true., by its authorized officer, authorizes HFLA to contact, obtain and verify the accuracy of the information contained in this application form. also hereby releases HFLA and its representatives, officers, directors and agents from any liability for seeking, gathering and utilizing any such information to make decisions relating to this application. Further,, by its authorized officer, acknowledges and agrees that any misrepresentation or material omission made on this application will be sufficient cause for denial of this application or default of any loan documents entered into with HFLA pursuant to this application. By: Its: Date:

4 23300 Chagrin Blvd. Suite 204, Beachwood, OH T: F: BUSINESS OWNER INFORMATION Business Name: Owner s Last Name First Name Date of Birth (DD/MM/YY) Social Security # Driver s License # (State) Previous/Other Name(s) (if applicable) Spouse/Partner s Last Name First Name Date of Birth (DD/MM/YY) Social Security # Driver s License # (State) Previous/Other Name(s) (if applicable) Address City Postal Code Previous Address No. of Years at this address No. of years in Ohio No. Year s previous address Home Phone No. Cell Phone Marital Status: Single Married Divorced Separated Widow/Widower Spouse/partner Dependents (Age & Gender) M/F M/F M/F M/F M/F M/F Owner s Occupation Employer Phone No. Address Monthly Gross Salary How long at this job? Spouse s Occupation Employer Phone No. Address Monthly Gross Salary How long at this job? Financial Statement Other Sources of Family Income, e.g. Social Assistance, Pension, Welfare, Spousal Support/Child Support etc. - Specify type of income and monthly amount Housing information Home Purchase Price $ Year Purchased Current Value $ _ Mortgage balance $ Mortgagee: Monthly mortgage $ If Rental Taxes $ Monthly rent $ Term of lease Name of Landlord: Vehicle 1 Balance of loan $ Vehicle 2 Model Make Year Monthly payments $ Lender Model Make Year Balance of Loan $ Monthly payments $ Lender Cash & Investment Assets (e.g., cash, investments) Other Assets (e.g. vacation property) Assets in Other countries (include all details) HFLA Business Loan Application

5 Other loans or debts: Student Loan Amount Owed: Line of Credit Amount Owed: Credit Card 1 Amount Owed: Credit Card 2 Amount Owed: Other (Please describe (including child support)) Did you apply to a bank or other sources for this loan? Yes If so, who/where No If not, why not? If you were declined for a loan, please provide a copy of the decline letter and state the reason for the decline: Have you ever filed for bankruptcy? If so, Case No. Date of Discharge, if any Do you have any un-filed tax returns? If Yes, please explain below Do you owe any amounts for taxes? If Yes, for which year(s)? Have you established a payment plan? Amount(s) owed: $ Are you a party to any lawsuits?, If yes, please explain and provide name of Cause of Action and Case No. Please explain: How did you hear about HFLA? Signatures The above information is for the purpose of obtaining credit and is warranted to be true. I/we agree to pay all bills upon receipt or statement or as otherwise expressly agreed. I/we hereby authorize HFLA, any credit bureau or other investigative agency employed by HFLA to investigate the references herein listed or statements or other data obtained from me or from any other person pertaining to my credit and financial responsibility. I/WE CERTIFY THAT THE INFORMATION IN THIS APPLICATION IS TRUE AND CORRECT This day of, 20 (date) (month) X X Print Name: Print Name: Optional Information (not used for loan consideration) Ethnicity: Religious Affiliation: HFLA Business Loan Application

6 Applicant Name: MONTHLY INCOME BORROWER SPOUSE/PARTNER Salary / Commission $ $ Soc Sec / Disability / Workers Comp $ $ Retirement / Pension Benefits $ $ Child Support / Alimony $ $ Other Income $ $ TOTAL MONTHLY HOUSEHOLD INCOME Housing Expenses Rent/Mortgage 2nd Mortgage/Home Equity Loan Property Taxes (if not included in mortgage) Homeowner's Insurance (if not included in mtg.) Homeowner's Association Fees Utilities (electric, gas, water, sewer) Cell Phone/Home Phone Internet/Cable Personal Expenses Food (Groceries) Toiletries/Clothing Pet Care Recurring donations/tithes Transportation Car Payment Gasoline Public Transportation Insurance Auto Insurance Healthcare Premium (if not taken out of pay) Life Insurance Medical Prescriptions Medical/Dental Bill Pymt. Plan Childcare Daycare/Babysitter (monthly) Before/Aftercare (monthly) Educational Expenses Tuition School Supplies Extra curricular lessions (swim, dance, sports ) Debts Total minimum monthly credit card payments Total minimum monthly student loan payments Total minimum monthly personal loan payments Other Taxes Income Taxes Business Taxes/Addt'l Real Estate Taxes (ex: rental prop.) For Office Use: Monthly Net Income Monthly Expenses Proposed HFLA Payment Remainder $ Gross Net

7 Our Privacy Policy We collect non-public personal information about you from the following sources: Information we receive from you on loan applications, and government issued personal identification Information we receive from your co-signers Information about your transactions with us or others Information we receive from a credit reporting agency We do not disclose any non-public personal information about you to anyone, except as permitted by law. We will continue to adhere to the privacy policies and practices as described in this notice even after the time you satisfy your loan obligation to us. We restrict access to your personal information to those who need to know that information to provide services to you. We maintain procedural, physical and electronic safeguards that comply with federal standards to guard your non-public personal information. Your confidence in us is important and we want you to know that your personal information is safe. If you have any questions or concerns, please contact us. Signature: Date: Chagrin Blvd. Suite 204, Beachwood, OH Tel: , Fax: [email protected] Website: