Small Business Acquisition + Franchise Start Up

SBA Loan Pre-Qual Checklist

 1.     Project Overview.  Who are the borrowers?  What type of business (industry)?  Who are the owners?  What do they need financing for, how much money do they need, how will it be used?  Specify Project Costs (example:  purchase real estate $500K, renovation $200K, purchase equipment $300K, refinance business debt $150K, marketing and soft costs $30K, etc).  How much do they plan to put down on the deal and what is the source of those funds?

2.     Business tax returns.  If buying an existing business, I need the last 3 fiscal years from applicant business and selling business.  Complete copies, including all schedules, statements, K1s.  If complete tax returns are not immediately available, we need Business Financial Statements for the last 3 year-end time periods and current statements dated within 60 days.  Statements include Profit & Loss (Income) and Balance Sheet.  Get both tax returns and financial statements if available.  Ask their accountant for the info and you are more likely to get complete copies.   

3.     If buying a Franchise: I need approval and terms from Franchise.

4.     Personal Financial Statement.  Dated within 60 days.  Each owner to complete their own, jointly with their spouse if married.  Must be signed by owner and spouse in BLUE INK.  Form attached.

5.     Resume of owners.  This is especially important if the business is start-up or a business acquisition. 

6.      Credit Report.  Pulled anytime within the last 12 months.  We will pull it ourself!