Business Loan Application Packet

Transcription

1 Business Loan Application Packet

2 ABOUT THIS PACKET Applying for your business loan will require you to complete three forms and may require you to gather several documents. Complete these forms accurately and gather as many of the requested documents as possible. Below is a brief description of each form in this packet. Business Loan Application This document is a three page document that gather s you and your business basic information, explains what type of business loan and what terms you are looking for on your loan. The loan application also gives us permission to pull your and your business s credit information to make a loan determination. Personal Financial Statement This document has two pages and asks you to list your assets, income, personal liabilities, and any property you own personally. We use this information to determine what collateral may be available and your total financial worth. Business Debt Schedule This one page document requires you to list all the debts that may be reported under your business s name. For example: business credit cards, commercial loans, etc. We use this information to determine your business s ability to repay the loan. If you require additional space please make an additional copy of the debt schedule. Please note: Once we receive and review your loan application we may require additional documents from you. We ask that you provide any additional documents we request in a timely manner so we can work quickly to approve your loan.

3 How to Submit Your Completed Application: Once you have completed and gathered all of the required documents you can submit your application one of three ways: 1) your completed application, along with all the required supporting documents to Rosalina Cornish at AND to Greg Hird at 2) Mail your completed application and supporting documents to: First Alliance Credit Union PO BOX 8070 Rochester, MN Attn: Rosalina Cornish 3) Bring your completed application and additional documents to Rosalina Cornish at our 320 Alliance Place NE, Rochester branch, just off of 37 th Street NE, during our normal office hours: Monday Friday, 8am to 5pm. If you have any questions while completing your business loan application please do not hesitate to contact us at option 5 or [email protected]. We look forward to helping you further the success of your business!

4 For Credit Union Use Only MEMBER BUSINESS LOAN APPLICATION Principal Loan Maturity Loan No. Member No. Credit Union Amount CU Officer FOR APPROVALS ONLY Initials Applicant Information Credit Union Name Name St. Address Address City State Zip Code City State Zip Code Mail. Address Phone Number City State Zip Code Notes: Federal Tax No. TIN/SSN Applicant's Phone Number APPLICANT PROPOSED CREDIT FACILITY: Proposed Loan Terms Loan Amount Interest Rate: Fixed Variable Loan Term in Months or Years No Preference BUSINESS PURPOSE OF LOAN: Type of Collateral Titled Possessory UCC Collateral Real Estate Payment Type Automobile Van Short-Haul Truck Long-Haul Truck Trailer Ship Aircraft Other, Please Specify: Other Collateral or Description: Installment Payments Single Payment Interest Only with a Balloon Payment Installment Payments with a Baloon Payment PROPOSED REPAYMENT SCHEDULE: Share Savings/CDs Stocks and/or Bonds Notes/Instruments/Chattel Paper Warehouse Receipts/Bills of Lading Letters of Credit Life Insurance Other Pledged Collateral Seasonal Payments Step-Up Payments (Smaller to Larger) Step-Down Payments (Larger to Smaller) Non-Revolving Line of Credit Wraparound UCC filing on all business assets Account Receivable Inventory Chattel Paper Equipment General Intangibles Fixtures Crops Farm Products Livestock Farm Equipment Other UCC Collateral Revolving Line of Credit Other, Please specify: Commercial - Owner Occupied Commerical - Non- Owner Occupied Income Property - Comm. Income Property - Retail Income Property - Residential Primary Residence Vacation Home Condominium Other Real Estate: Revised: May 1, 2006 CU Business Group, LLC Page No. 1 of 3 Your Corporate CU Business Partner

5 INFORMATION REGARDING YOUR BUSINESS: DESCRIPTION OF BUSINESS: MEMBER BUSINESS LOAN APPLICATION TYPE OF ORGANIZATION : ProfitC-Corporation Profit S-Corporation Non-Profit Corporation Professional Corporation Limited Liability Company Professional Limited Liability Company Limited Liability Partnership General Partnership Limited Partnership Joint Venture Individual Sole Proprietorship Trust Other, Please Specify: Official Legal Name: DBA Name (if any): STATE OF ORGANIZATION: QUALIFIED TO DO BUSINESS IN THE FOLLOWING STATES: IF TYPE OF ORGANIZATION IS AN INDIVIDUAL, A SOLE PROPRIETORSHIP, OR A TRUST, NAME(S) AND ADDRESS(ES) OF OWNER(S) PRIMARY RESIDENCE(S): Please attach copies of: For Corporations, Articles of Incorporation, For a Limited Liability Corporation, the equivalent certificate, or For a Partnership, a Certificate of Partnership if the partnership is registered in any state (if applicable). Limited Liability Corporation's Operating Agreement (if applicable). Partnership Agreement (if applicable). TRADE STYLES OR OTHER NAMES UNDER WHICH WE DO OR HAVE DONE BUSINESS: REGISTERED ASSUMED BUSINESS NAME FILINGS (Furnish copies of the assumed business name filings or certificates for each name, along with proof of publications, if applicable.) Principal Place of Business: Same as applicant street address Different address, please specify: Location of Accounting Books and Financial Records: Same as applicant street address Different address, please specify: PROPOSED GUARANTOR(S) (Specify Relationship to Applicant): Guarantor(s) 1. Address Relationship GUARANTOR(S) FINANCIAL INFORMATION ATTACHED: Attached Not Attached Please attach copies of: Individual Financial Statement(s) Federal Tax Return(s) Share Account Statement(s) (s) or Period(s) Ending Revised: May 1, 2006 CU Business Group, LLC Page No. 2 of 3 Your Corporate CU Business Partner

6 APPLICANT SIGNATURES AND IMPORTANT DISCLOSURES: MEMBER BUSINESS LOAN APPLICATION I (we) hereby affirm that the foregoing information contained in this member business loan application is presented for the purpose of obtaining credit as of the date indicated and is true, complete and correct. I understand Credit Union is relying on this application in making loan(s) to me. Credit Union or its designee is authorized to make any investigation of the credit of the applicant(s), business owner(s) and/or guarantor(s) either directly or through any agency employed by Credit Union for that purpose now and in the future. Credit Union may disclose to any other interested parties Credit Union's member business loan application whether or not credit is granted. Applicant Applicant Applicant Applicant Revised: May 1, 2006 CU Business Group, LLC Page No. 3 of 3 Your Corporate CU Business Partner

7 FINANCIAL STATEMENT First Alliance Credit Union 320 Alliance Pl. NE Rochester, MN TYPE OF CREDIT Individual-Provide your financial information only. Joint, with Information on separate financial statement Applicant s Name and Address Creditor s Name and Address Relationship INDIVIDUAL INFORMATION JOINT PARTY INFORMATION Business or Occupation Business or Occupation Employer s Name and Address Length of Employment Home Phone Business Phone of Birth Employer s Name and Address Length of Employment Home Phone Business Phone of Birth SSN/TIN # SSN/TIN # ASSETS Note: Complete SCHEDULES first. LIABILITIES Cash on Hand and in Banks Sched. A Notes Due to Banks Sched. A Cash Value of Life Insurance Sched. B Notes Due to Relatives and Friends Sched. H U.S. Gov. Securities Sched. C Notes Due to Others Sched. H Other Marketable Securities Sched. C Accounts and Bills Payable Sched. H Real Estate Owned TOTAL LIQUID ASSETS Sched. E Loans on Life Insurance Policies Contract Accounts Payable Cash Rent Payable Other Liabilities Due within 1 Year-Itemize Sched. B Sched. H Mortgages and Contracts Owned Sched. F TOTAL SHORT TERM LIABILITIES Notes and Accounts Receivable-Current Sched. D Real Estate Mortgages Payable Sched. E Notes Due From Relatives and Friends Sched. D Lines and Assessments Payable Other Securities-Not Readily Marketable Sched. C Other Debts-Itemize Personal Property Sched. G IRA and Tax Deferred Accounts Other Assets-Itemize (see attached itemization) Total Liabilities TOTAL PRODUCTIVE ASSETS TOTAL LONG TERM LIABILITIES Net Worth (Total Assets Minus Total Liabilities) TOTAL ASSETS TOTAL LIABILITIES AND NET WORTH ANNUAL INCOME ESTIMATE OF ANNUAL EXPENSES Salary Bonuses and Commissions $ Income Taxes $ Dividends and Interest $ Other Taxes $ Rental and Lease Income (Net) $ Insurance Premiums $ Alimony, child support, or separate maintenance Mortgage Payments income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation. Other income-itemize $ Provide the following information of if Joint Credit is checked above Rent Payable $ Other Person s Salary, Bonuses and Commissions $ Other Expenses $ Alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation. Other Income of Other Person-itemize $ TOTAL GENERAL INFORMATION Are there any Assets Pledged Other Than Described on SCHEDULES Are You a Defendant in Any Suits or Legal Activities? Income Tax Return Filed Through What? Have you ever been declared bankrupt in the last 10 years? Are you a Partner or Officer in any other Venture? TOTAL CONTINGENT LIABILITIES As Endorser, Co-Maker or Guarantor On Leases or Contracts Legal Claims Federal-State Income Taxes Other 1

8 SCHEDULES A CASH IN BANKS AND NOTES DUE TO BANKS (List all Real Estate Loans in Schedule E) Additional Information Requested NAME OF BANK Type of Account Ownership Type On Deposit Notes Due to Banks Collateral (if Any) and Type of Ownership $ $ See Attached Itemization Cash on Hand TOTALS B LIFE INSURANCE (List only those Policies that you own) COMPANY Face of Policy Cash Surrender Value Policy Loan Other Loans Policy From as Collateral Insurance. $ $ BENEFICIARY See Attached Itemization TOTALS C SECURITIES OWNED Face Value-Bonds No. Of Shares of Stock (Including U.S. Gov t Bonds and all other Stocks and Bonds) DESCRIPTION Indicate those Not Registered in Your Name Type of Ownership Cost Market Value U.S. Gov t Securities $ $ Market Value Marketable Sec. MARKET VALUE Not Readily Marketable Amount pledged to secured loan See Attached Itemization TOTALS D NOTES AND ACCOUNTS RECEIVABLE (Money Payable or Owed to You Individually-Indicate % of your Ownership interest) MAKER/DEBTOR % When Due Original Amount Balance Due Current Accounts Balance Due Over 90 Days $ $ $ $ Bal. Due Notes Rel. and Friends Security (if any) See Attached Itemization TOTALS $ $ $ E REAL ESTATE OWNED (Indicate % of your Ownership Interest) TITLE IN NAME OF % Description& Location Acquired Original Cost Present Value of Real Amount of Estate Ins. Carried $ $ $ Mortgage Contract Payable Balance Payment Maturity See Attached Itemization TOTAL $ TOTAL $ F MORTGAGES AND CONTRACTS OWNED (indicated % of your Ownership interest) Cont. Mtg. % Maker PROPERTY Starting Payment Maturity Balance Due COVERED Name Address $ $ $ See Attached Itemization TOTALS $ G PERSONAL PROPERTY (Indicate % of your Ownership interest) DESCRIPTION % When New Cost When New Value Today Loans on Property Balance Due To Whom Payable See Attached Itemization TOTALS $ H NOTES PAYABLE TO Other Obligors (if any) When Due Note Due to Rel. & Friends Notes Due Others Not Banks ACCOUNTS AND BILLS AND CONTRACTS PAYABLE Accounts and Contracts Collateral (if any) Bills Payable Payable See Attached Itemization TOTALS This information and information provided on all accompanying financial statements and schedules is provided for the purpose of obtaining credit for the Applicant(s) or for the purpose of the Applicant(s) guaranteeing credit for others. Applicant(s) acknowledge that representations made in this statement will be relied on by the Credit Union in its decision to grant such credit. This Statement is true and correct in every detail and accurate represents the financial condition of the Applicant(s) n the date given below. You are authorized to make all inquiries you deem necessary to verify the accuracy of the information contained herein and to determine the credit worthiness of the undersigned. Applicant(s) will promptly notify Creditor of any subsequent changes that would affect the accuracy of this Statement. Creditor is further authorized to answer any questions about Creditor s credit experience with Applicant(s). Applicant(s) are aware that any knowing or willful false statements regarding the value of the above property for purposes of influencing the actions of Creditor can be a violation of federal law 18 U.S.C. sec and may result in a fine or imprisonment or both. In addition, each individual signing below authorizes the Credit Union to check their individual credit account and employment history and have a credit reporting agency prepare a credit report on them. The undersigned declares that he/she has read and understands the statements above. Signed Signature Signature Other person (if Applicable) 2

9 BUSINESS DEBT SCHEDULE Include the following information on all installment debts, notes, contracts, and mortgages. Current balance must match the current balance sheet. Include all capital leases shown on the balance sheet (if any). Do not include accounts receivable and accounts payable. Business Name As of, 200 Name of Creditor Original Amount Original Current Balance Interest Rate Maturity Monthly Payment Collateral Current or Delinquent Total Current Balance Total Monthly Payment Signature: Title: :