The following checklist applies to the SBA Express Loan Application, but the process is similar for all programs under CAPLine Loans.
· SBA Form 1919 - Borrower's Information Form
o Section I – to be completed and signed for each co-applicant (e.g. Eligible Passive Company (EPC) or Operating Company (OC)).
o Section II – for each individual who is a proprietor, general partner, officer, director, managing member of an LLC, owner of 20% or more of the equity of the Applicant, trustor (if the Small Business Applicant is owned by a Trust), and any person hired by the Applicant to manage day-to-day operations.
o Section III – for each entity owning an equity interest in the Applicant (e.g. ESOP, 401(k) plan, LLC, or other entity owner entities and Trusts).
· Business Debt Schedule – Required for all businesses that reflect long-term debt on their most current Balance Sheet. All debts should be listed with any debt that is being refinanced with the subject loan request noted. This includes debts of Co-Borrowers, Affiliates, and EPC.
· Personal Financial Statement – Generally for loans over $50k.
o Required for all owners of 20% or more, spouses, and proposed guarantors, dated within ninety (90) days.
o Must be signed by the spouse, even if the spouse will not be a guarantor.
o Please be sure that the “as of date” is filled-in where indicated.
o Borrower's Certification of PFS
· Agreement of Compliance – If more than $10,000 of the loan proceeds will be spent on construction.
· Personal History Statement – If any applicant has a criminal record.
· Documentation of Alien Status – for all non-US citizens required to complete Form 1919 and who reside in the United States.
· Business Financial Statements
o YTD Income Statement and Balance Sheet signed and dated within 120 days.
o FYE Income Statements and Balance Sheets or Income Statements for the last three (3) years.
o Cash Flow Projections with supporting assumptions which reflect positive cash flow within two years – Required for all new businesses, and when applicable.
o Seller’s Financials – Signed and dated by the seller – for all loan types (other than small loans) when purchasing an existing business.
· Affiliate Financial Statements – as listed above, but only if required by the lender.
· Supporting Documents
o Business licenses and certifications
o Franchise, Dealership & Licensee Agreement(s) if applicable.
o Business/Stock/Asset Purchase Agreements if acquiring a business.
o Pro-forma balance sheet for the business being purchased, as of the date of transfer.
o Real Estate Purchase Agreements when real estate is to be purchased with SBA loan proceeds.
o Real Estate Appraisals for OREO Properties
o Environmental Investigation Reports (Phase I and/or Phase II) if required.
· Other Supporting Documents Not Identified Elsewhere
o Lawsuit Documents
o Judgments
o Bankruptcy Filing(s)
o Other pertinent documentation
