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Loan Requirements

In: Business and Management

Submitted By myal2009
Words 291
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LOAN PACKAGE REQUIREMENTS

BANK OF AMERICA: B of A requires all parties to provide the past 2 years of business tax returns, and current year’s tax return. All owners with at least 20% ownership required guarantee, with a minimum of 80% of ownership represented. All loan documents must be signed at the local Bank of America centers. BofA offers secured loans so that borrowers can get a loan without securing against specific business or personal assets.
CHASE:
Chase requires all business to be for profit, have to be a small business defined by SBA. Business has to be done in the United States, have reasonable invested equity. All business must use alternate financial resources such as personal assets before apply for a loan. Company must be able to demonstrate a need for the loan, and loan funds can only be used for sound business purposes, and no delinquent existing debt obligations.
DOCUMENTS NEEDED: The United States Small Business Administration (SBA) requires business owners to complete an application for business loans, “SBA Form 4” (www.sba.com). Small business loans require the same documents which are personal background application, resume, business plan, personal & business credit reports, tax returns, financial statement, and bank statements.
BUSINESS PLAN: Leo Hirschfield started Tootsie Roll in Chicago 1896, the primary objective was to consume the US; Canada, and Mexico with their tootsie roll candies. The companies now sell its products in over 75 countries. This business proposal is being presented so that Tootsie Roll can obtain a loan to support marketing growth and expand the company’s growth by capturing market shares. In this proposal you will all documents need for loan verification such as all financial statements, balance sheets, and personal and business credit...

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