lady justice

Documentation Needed For Loan

As of the date of this memo, there is some uncertainty as to what type of documents that your Lender may require in providing you with this loan. Here is a list of items that might be needed by your Lender. Therefore, it may be a good idea to begin compiling these items and having them ready just in case:

Your company’s organizational documents to include:

  • Articles of Organziation/Incorporation
  • Operating agreement
  • Corporate by-laws
  • State of organization certificate of good standing (Sunbiz or your state’s corporate registration)
  • Current business license

If your 2019 tax return is not complete you may need to provide:

  • Company or CPA prepared yearly income and expense statements for 2019
  • Company or CPA prepared yearly balance sheet as of 12/31/19
  • 2020 monthly income statements from January to current
  • 2020 monthly balance sheet as of the same date of the last period of your income statement
  • Copies of all business owner’s driver’s license
  • Owners social security number
  • Current Accounts Receivable aging report
  • Current Accounts Payable aging report
  • Copies of recent bank statements from each of your operating accounts (generally 3 months)

Schedule of expense amounts which may include the following:

  • Monthly payroll information for all of 2019 and for January 1, 2020 through February 29, 2020
  • Number of current full time employees
  • List of employees making over $100,000 with their compensation
  • Monthly mortgage or rental payments
  • Utility statements (generally 3 months)
  • Health Insurance costs
  • Interest on debt
  • Support for any of the other expenses your are trying to cover with the loan
  • Proof of business insurances with declaration pages
  • Bank account and routing number for funding along with most recent bank statement

If you can provide as much of this information when you apply for the loan you may have a better chance of getting funds approved and released more quickly.

We can assist you in drafting those corporate and other documents that may be needed. Please contact Patrick O'Connor at the O'Connor Law Firm for further details.