BUSINESS LOAN FINANCING APPLICATION

Transcription

1 BUSINESS LOAN FINANCING APPLICATION The Alliance Center 113 South Monroe Street. Tallahassee, Florida Phone: Fax:

2 Dear Business Owner: Thank you for your interest in the NATIONAL BLACK BUSINESS SUPPORT CORPORATION (NBBSC). We are a nonprofit corporation responsible for leading economic development efforts across minority communities. Our mission is to strengthen economies by increasing the number of minority-owned, small or otherwise disenfranchised businesses by providing Access to Capital and technical assistance. To be considered for financing, a business or entrepreneur must satisfy the following criteria: ELIGIBILITY REQUIREMENTS May be individuals, public or private organizations, or other legal entities, with authority to incur the debt and carry out the purpose of the loan. Business owner(s) must be US citizen(s) and US resident(s). The proposed loan must be economically sound and will assist the business enterprise in entering the conventional lending market, increasing opportunities for employment, and strengthening its local economy. Principals of the business who own, directly or indirectly, an interest in the business are not employees, members of the board of directors, or any close family relation of an employee or member of the board of directors of NBBSC. Entrepreneurs must have experience in their selected industry. Business must demonstrate the ability to repay the loan. Business must bring minimum 20% outside funds to the overall project. Business owner(s) must personally guarantee the loan. Current number of employees must be 25 or fewer. LOAN AMOUNT The maximum loan amount under the Business Loan Program is $50,000, and is contingent on program funds availability. For funding requirements in excess of this maximum, we are happy to work with our funding partners to arrive at a financing solution for your business. LOAN PURPOSES Commercial real estate acquisition/improvements New construction Machinery & equipment acquisition Franchise acquisition Existing business acquisition Business merger Expansion costs Working capital New business start-up Special purposes within the scope of NBBSC s mission Again, thank you for your interest in NBBSC and please do not hesitate to contact us at (850) or if you have any questions or require additional information. Very truly yours, Pamela A. Tedesco, President National Black Business Support Corporation

3 LOAN CHECKLIST The following information should be submitted at the time of application. Additional information may be required. FOR ALL LOAN REQUESTS, PLEASE SUBMIT: 1. This application, fully completed. Applications with any blank fields will not be processed. 2. Personal financial statements on all proprietors, partners and stockholders owning 10 percent or more of voting stock, and all guarantors must be provided. SBA Form 413 may be used for this purpose (Sample form attached). 3. Business plan. 4. Company tax returns, and if available, CPA- or company-prepared balance sheet and profit and loss statement for the previous three years. For change of ownership, provide seller s financial statements for past three years. (Not applicable if the borrowing entity has less than one year of operating history.) 5. A significant detailed history of the principal s relevant industry experience. 6. Personal tax returns for three years on all proprietors, partners and stockholders owning 10 percent or more of voting stock, and all guarantors. 7. Current interim financial statement of business (balance sheet and income statement fewer than 60 days old). 8. Cash Flow projections for three years. 9. $250 Non-refundable Application Fee. 10. Voided check from a business checking account. 11. A clear statement of what will be offered as collateral on the loan. Maximum loan allowed will be based on a maximum of 60% value of collateral offered. Acceptable collateral includes real estate, vehicles, cash assets, verifiable Accounts Receivable, among other items. For a detailed description of acceptable collateral, please contact our office. 12. If real estate is being purchased, a sales contract with all exhibits, copy of warranty deed and detailed list of personal property. 13. If project includes construction, copies of builders contract or American Institute of Architects (AIA) form. 14. If project includes purchase of equipment, a copy of invoices or purchase orders for equipment. 15. IRS Form 4506-T completed and signed by any applicant required to provide a tax return. 16. Start-up businesses may be required to complete basic financial literacy courses. 17. Any other documentation requested by NBBSC. PLEASE RETURN THE COMPLETED APPLICATION AND ALL MATERIALS IN.pdf FORMAT BY TO: National Black Business Support Corporation apply@nbbsc.org

4 BUSINESS LOAN PROGRAM APPLICATION COMPLETE ALL AREAS INCOMPLETE APPLICATIONS WILL NOT BE PROCESSED GENERAL INFORMATION Operating Company Name Trade Name, if different Address County City State Zip Code Phone Number Operating Company Tax ID Number Address Fax Number Entity Type: Corporation General Partnership Limited Partnership LLP LLC Ltd Liability Limited Partnership Operating Company Start Date (mm/dd/yy) If Loan is approved, choose preferred payment date: 1 st 10 th 20 th Current Number of Employees Is your company involved in any bankruptcy/insolvency proceedings? Yes No Have any company officers been involved in Yes No bankruptcy/insolvency proceedings? Do you maintain or contribute to any Employee Benefit Plan covered by the Employee Retirement Income Security Act of 1974? Yes No Where have you previously applied for financing and what was the reason for the turndown? How did you hear of the Business Loan Program/National Black Business Support Corporation?

5 FUNDING PURPOSE (please provide supporting documentation) Commercial real estate acquisition/improvements $ New construction $ Machinery & equipment acquisition $ Franchise acquisition $ Existing business acquisition $ Business merger $ Expansion costs $ Working capital $ New business start-up $ Other Special purposes (please describe) $ TOTAL LOAN REQUEST ($50,000 MAXIMUM) $ EQUITY PARTICIPATION SOURCE AMOUNT NOTE: 20% minimum equity participation is required Bank or financial institution $ Owner contribution $ Other source (please describe) $ TOTAL PROJECT COST (loan request + equity participation) $ JOB CREATION NUMBER AVG MONTHLY WAGES/JOB Current Employees $ Number of jobs to be created due to financing Number of jobs to be retained due to financing $ $

6 PRINCIPAL INFORMATION Please list information on all company principals, owners and loan guarantors. Anyone who co-signs for the loan or owns more than 10 percent of stock in the operating company should be listed as a principal. Use additional sheets if necessary. Principal 1 First Name Full Middle Name Last Name Aliases or maiden names (If known by more than one name, please give dates) 1 From/To (Mo/Yr): 2 From/To (Mo/Yr): Title Ownership Percentage % Place of Birth Date of Birth US Citizen Social Security Number Yes No Home Telephone Number ( ) - Personal Home Address From/To (Mo./Yr.): City State Zip Code Prior Home Address (if fewer than 10 years at above) From/To (Mo./Yr.): City State Zip Code DISCLOSURES It is important that the next three questions be answered completely. An arrest or conviction record will not necessarily disqualify you; however, an untruthful answer will cause your application to be denied. If you answer yes to any of the following three questions, furnish details on a separate sheet. Include dates, location, fines, sentences, whether misdemeanor or felony, dates of parole/probation, unpaid fines or penalties, name(s) under which charged, and any other pertinent information Are you presently under indictment, on parole or probation? (If yes, indicate date parole or probation will expire) Yes No Have you been convicted for any criminal offense other than a minor motor vehicle violation in the last ten years? Yes No Have you been convicted, placed on pretrial diversion or placed on any form of probation, including adjudication withheld pending probation, for any criminal offense other than a minor vehicle violation in the last ten years? Yes No

7 Principal(s) and/or Guarantor(s) must have a MINIMUM CREDIT SCORE (or average credit score, if more than one) of 625 and five lines of reportable credit with no Real Estate, Auto or Credit Card derogatory items in the past two years. A late payment may be acceptable, however, the payment(s) cannot be reported as derogatory. A three percent (3%) Commitment Fee will be deducted from the gross proceeds of all approved loans. As part of this application, I/We understand that the National Black Business Support Corporation (NBBSC) and its authorized agents may make inquiries they deem necessary in evaluating the loan request for the Applicant and Guarantors listed below. The Applicant and Guarantors authorize NBBSC and its authorized agents to undertake the following: 1. Verify at any time any information submitted to NBBSC by the Applicant, Guarantors, or their representatives or agents on their behalf. 2. Obtain further information concerning the credit standing of the Applicant and Guarantors. 3. Exchange such credit and application information with other agents or Federal Government Agencies as required by law or as NBBSC deems necessary. This authorization includes permission to obtain Business and Consumer Credit Reports on the Applicant and Guarantors at any time as deemed necessary by NBBSC. Further, applicant certifies, agrees, and consents that: (i) the presentation of an electronically preserved and reproduced copy of this document with the above and any below text and any data included in this document shall be admissible as the best evidence of the document as signed by the undersigned; and (ii) this document may be electronically delivered by , telecopy or other form of image copying and transmission, and as electronically delivered also shall be admissible as the best evidence of the manually signed original document. APPLICANT NAME GUARANTOR NAME GUARANTOR NAME Printed/Typed Printed/Typed Printed/Typed BY: BY: BY: Signature (may be provided Signature (may be provided Signature (may be provided electronically) electronically) electronically) Title: Guarantor Guarantor DATE: DATE: DATE: Non-refundable Application Fee: $ Paid by Check Credit Card/PayPal By submitting the non-refundable application fee, applicant acknowledges that Applications will be considered current and active while under review. Should applicant fail to provide requested information or respond to requests for information in a timely manner, application will be closed as non-funded due to unresponsiveness.