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Business Loan Application
Business Loan Application
Our Business Lenders will work with you to find the perfect financing option to fit your needs with flexible rate and term options. Once you have decided on the type of financing needed, you will then need to:
Getting Started
1. Gather the supporting documents and information you need.2. Complete the enclosed business loan application.3. Call Business Services at: 513.243.4328/800.542.7093 ext. 669 to set up an appointment and review your application.
If you are an existing business, or just getting started, and you’re looking for financing options, we provide several opportunities for financing or refinancing.
• Term Loan
• Line-of-Credit
• Investment Real Estate - Residential
• Inverstment Real Estate - Commercial
• Owner Occupied Commercial Real Estate
• Construction
• Raw Land
• Debt Refinance
• Real estate acquisitions
• Leasehold improvement
• Equipment financing
• Franchise opportunities
• Business debt consolidation
• Short-term working capital
• Permanent working capital
• Personal business loan. Could be used for a second home or property, or even a residential or multi-family investment.
Ο Investment properties
Ο Business vehicle loans
Eligible use of business loan funding includes:
Gather the Supporting Documents & Information You NeedIn order to process your application without delay, we need the following information. The checklist(s) below will assist you in gathering the necessary documents and information for the evaluation of your loan request.
Checklist for All Loan Requests � Completed Business Loan Application
� Completed Personal Financial Statement(s) - attached
� Previous two (2) years of personal tax returns; three (3) years, if this is an SBA loan request
� Organizational Documents:
� Articles of Incorporation/Organization
� Operating Agreement or By-Laws and Meeting Minutes
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Checklist for Existing Businesses (In addition to the above, “All Loan Request” items)
� Previous two (2) years of business tax returns; three (3) years, if this is an SBA loan request
� Current Interim Financial Statement (Balance Sheet & Income Statement) within 60 days of application
� Prior year Interim Financial Statement (Balance Sheet & Income Statement) for same period as listed above
� List of Accounts Payable and Accounts Receivable
� Debt Schedule listing all outstanding business debt - attached
� Bids/Estimates/Invoices to support loan proceeds
� Purchase agreements
Checklist for New/Startup Businesses (In addition to the above, “All Loan Request” items)
� Business Plan
� Projections
� Year 1 - Month-to-Month
� Year 2 - Annualized
� Year 3 - Annualized
� Opening Day Balance Sheet
� Bids/Estimates/Invoices to support loan proceeds
� Purchase agreements
Checklist for Real Estate/Equipment Transactions (In addition to the above, “All Loan Request” items)
� Copy of Real Estate purchase contract
� Estimates for construction/renovations/remodeling
� Plans, specifications, and details of any proposed construction
� List of machinery, equipment, furniture and fixtures, now owned by the applicant business
Checklist for Business Acquisitions (In addition to the above, “All Loan Request” items)
� Copy of Purchase Contract (Asset Purchase/Stock Purchase)
� Three (3) years of Seller’s business tax returns
� Three (3) years of Seller’s Financial Statements (Balance Sheet & Income Statement)
� Current Business Financial Statement (Balance Sheet & Income Statement) for Seller within 60 days of application
Complete the Business Loan ApplicationGENERAL BUSINESS INFORMATION (Please complete all blanks using “N/A” where appropriate.)
Applicant: DBA (if any) : Tax ID #:
Bus. Address: County:
Mailing Address (if different from Business Address):
Bus. Phone: Description of Business:
Legal Status: q “C” corporation q “S” corporation q Sole proprietorship q LLC q Other:
Date Founded: Number of Employees: Annual Sales Volume: $
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MEMBER/APPLICANT INFORMATION Name: Social Security #: Date of Birth:
Member #: Telephone (H): (W):
Res. Address: County:
Time at Current Address: Years Monthly Housing Payment: $ Mos.
Current Employer: Job Title: Length of Employment:
Annual Income: (from business) $ Annual Income: (from other source) $
Personal Net Worth: (excluding value of the business) $
Demographic Information of BorrowerThe purpose of collecting this information is to help ensure that all applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled. For residential mortgage lending, Federal law requires that we ask applicants for their demographic information (ethnicity, sex, and race) in order to monitor our compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. You may select one or more designations for “Ethnicity” and one or more designations for “Race.” The law provides that we may not discriminate on the basis of this information, or on whether you choose to provide it. However, if you choose not to provide the information and you have made this application in person, Federal regulations require us to note your ethnicity, sex, and race on the basis of visual observation or surname. The law also provides that we may not discriminate on the basis of age or marital status information you provide in this application, If you do not wish to provide some or all of the information, please check below.
Ethnicity: Check one our more � Hispanic or Latino
� Mexican � Puerto Rican � Cuban � Not Hispanic or Latino � I do not wish to provide
this information
� Other Hispanic or Latino - print origin: ____________________________ For example: Argentinean, Columbian, Dominican , Nicaraguan, Salvadorian, Spaniard, and so on.
Sex: � Male � Female � I do not wish to provide this
information
Race: Check one or more � American Indian or Alaska Native - Print name of
enrolled or principal tribe:__________________ � Asian
� Asian Indian � Japanese � Chinese � Other Asian - Print Race: __________________
For example: Hmong, Laotian, Thai, Pakistani, Cambodian, and so on.
� Black or African American � Native Hawaiian or Other Pacific Islander
� Native Hawaiian � Guamanian or Chamorro � Samoan � Other Pacific Islander - Print Race:___________
For example: Fijian, Tongan, and so on. � White � I do not wish to provide this information
MEMBER/APPLICANT INFORMATION Name: Social Security #: Date of Birth:
Member #: Telephone (H): (W):
Res. Address: County:
Time at Current Address: Years Monthly Housing Payment: $ Mos.
Current Employer: Job Title: Length of Employment:
Annual Income: (from business) $ Annual Income: (from other source) $
Personal Net Worth: (excluding value of the business) $
DEMOGRAPHIC INFORMATION ADDENDUM. This section asks about your ethnicity, sex, and race.
� Korean � Filipino � Vietnamese
Demographic Information of BorrowerThe purpose of collecting this information is to help ensure that all applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled. For residential mortgage lending, Federal law requires that we ask applicants for their demographic information (ethnicity, sex, and race) in order to monitor our compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. You may select one or more designations for “Ethnicity” and one or more designations for “Race.” The law provides that we may not discriminate on the basis of this information, or on whether you choose to provide it. However, if you choose not to provide the information and you have made this application in person, Federal regulations require us to note your ethnicity, sex, and race on the basis of visual observation or surname. The law also provides that we may not discriminate on the basis of age or marital status information you provide in this application, If you do not wish to provide some or all of the information, please check below.
� Other Hispanic or Latino - print origin: ____________________________ For example: Argentinean, Columbian, Dominican, Nicaraguan, Salvadorian, Spaniard, and so on.
Race: Check one or more
� American Indian or Alaska Native - Print name of enrolled or principal tribe:__________________
� Asian � Asian Indian � Japanese � Chinese � Other Asian - Print Race: ___________________
For example: Hmong, Laotian, Thai, Pakistani, Cambodian, and so on.
� Black or African American � Native Hawaiian or Other Pacific Islander
� Native Hawaiian � Guamanian or Chamorro � Samoan � Other Pacific Islander - Print Race:_____________
For example: Fijian, Tongan, and so on. � White � I do not wish to provide this information
� Korean � Filipino � Vietnamese
USE OF LOAN PROCEEDS
FINANCIAL STATEMENTS AND TAX RETURNS. Please provide a copy of the company’s financial statements or tax returns for the last three years and interim financial statements for the current year. Please also provide tax returns for the last two years and updated personal financial statements. By signing below, the business applicant agrees to the following: All answers to the questions in this application and any attachments are complete and true; the Credit Union has the right to verify the accuracy of the information provided in this application; the Credit Union is authorized to check the business applicant’s and/or principals’ credit rating; the Credit Union is authorized to provide credit information concerning the business application to others.
Applicant Name: Signature: Title: Date:
Applicant Name: Signature: Title: Date:
The following sections relate to your planned use for the funds from this loan request. Please be as accurate and specific as possible in breaking out anticipated expenditures by category.
Projected Items Projected Cost
Land and Building Acquisition $
Land Acquisition $
Building Construction/Improvement (Hard Costs) $
Building Construction/Improvement (Soft Costs) $
Debt Refinance $
Business Acquisition (List of assets and purchase agreement required) $
Machinery/Equipment Acquisition $
Inventory $
Furniture $
Fixtures $
Working Capital $
Other (describe): $
Total Project Cost: $
Source of Injection: Less Borrower’s Injection $
Total Loan Request $
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DEMOGRAPHIC INFORMATION ADDENDUM. This section asks about your ethnicity, sex, and race.
Ethnicity: Check one our more � Hispanic or Latino
� Mexican � Puerto Rican � Cuban � Not Hispanic or Latino � I do not wish to provide
this information
� Male � Female � I do not wish to provide this
information
Sex:
Resume
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Ownership & Officers
Important! Have there been any changes in the last six months: q Yes q No
List all officers, directors, partners, and owners of the Operating Company:
Name: ________________________________________________ Title: _____________________________________ %Owned ____________
Name: ________________________________________________ Title: _____________________________________ %Owned ____________
Name: ________________________________________________ Title: _____________________________________ %Owned ____________
Name: ________________________________________________ Title: _____________________________________ %Owned ____________
Name: ________________________________________________ Title: _____________________________________ %Owned ____________
Name: ________________________________________________ Title: _____________________________________ %Owned ____________
Name: ________________________________________________ Title: _____________________________________ %Owned ____________
List the name and title of the Controller for the Operating Company:
Name: %Owned Title: ________________________________________________ _____________________________________ ____________
Has the company or any of its principals declared bankruptcy? � Yes � No If yes, please provide transcript of discharged accounts.
Does the business or any of its principals have existing tax liens? � Yes � No
Is the business involved in any pending lawsuits? � Yes � No
Does the business or any of its principals have ownership in any other businesses? � Yes � NoPlease provide copies of tax returns and K-I’s to show ownership percentage.
Does this business restrict patronage? � Yes � No
**If you answered “yes” to any of the above questions, please provide an explanation.
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Confidential Personal Financial Statement
ANNUAL INCOME APPLICANT CO-APPLICANT TOTAL
Salary (Gross) Source:
Salary Source:
Bonus and Commissions
Dividends/Interest
Alimony, Child Support, Separate Maintenance*
Rental Income (Net)
Other Income (Describe) (i.e., Trust)
TOTAL
ANNUAL FIXED AND VARIABLE EXPENSES
Primary Home Mortgage Payment (Principal and Interest)
Taxes, Insurance, HOA Fees
Other Mortgage Payments (Principal and Interest)
Loan Payments (Excluding Mortgages)
Credit Card Payments
Property Taxes/Assessments (not included in Mortgage Payment)
Alimony, Child Support, Maintenance
Other (Itemize) (i.e., College Expenses)
TOTAL
* Alimony, Child Support, or separate maintenance payments need not be included, unless applicant desires that income from these sources in connection with this application.
INCOME STATEMENT
Complete this form for: (1) each proprietor, or (1) each limited partner who owns 20% or more interest and each general partner, or (3) each stockholder owning 20% or more of voting stock, or (4) any person or entity providing a guaranty on the loan.
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Confidential Personal Financial Statement continued
Name: ________________________________________________________________________________ Statement of Financial Conditions as of (Date): ________________________________________________
ASSETS APPLICANT CO-APPLICANT JOINT TOTAL
Cash and Short-term Investments (Schedule A) (Non IRA/401k/Keogh)
Marketable Securities (Stocks, Bonds, Mutual Funds) (Schedule B) (Non IRA/401k/Keogh)
Securities Not Really Marketable (Schedule B)
Cash Value - Life Insurance (Schedule C)
Unexercised Company Stock Options (Schedule D)
Notes and Accounts Receivable
Real Estate Owned (Schedule E)
Vested Profit-Sharing Benefits/Deferred Compensation (Schedule F)
IRA/KEOGH Accounts (401(k)) (Schedule A1)
Business Interest (Equity)* (Schedule G)
General and/or Limited Partnership Interests (Schedule G)
Automobiles (Other specialty vehicles)
Personal Property
Other Assets
TOTAL ASSETS
LIABILITIES APPLICANT CO-APPLICANT JOINT TOTAL
Notes Payable to Financial Institutions - Secured
Notes Payable to Financial Institutions - Unsecured
Notes Payable to Company (Employer)
Notes Payable to Others (i.e., Retirement Plans)
Mortgages (Schedule E)
Outstanding Credit Card Balances
Other Accounts Payable
Margin Account
Taxes and Interest Payable (Unpaid but Accrued)
Policy Loan - Life Insurance (Schedule C)
Other Liabilities
TOTAL LIABILITIES
NET WORTH (TOTAL ASSETS MINUS TOTAL LIABILITIES)
BALANCE SHEET Attach Additional Schedules as Needed
*If more than 20% of total assets, attach a current balance sheet and profit and loss statement of the business.
Are all bad and doubtful assets excluded from this statement? � No � YesAre any of your assets pledged, loaned, or hypothecated other than noted on the attached schedules? � No � YesIf “yes,” please provide details:________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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Confidential Personal Financial Statement continued
Name: ________________________________________________________________________________ Statement of Financial Conditions as of (Date): ________________________________________________
SCHEDULE A Accounts at Financial Institutions (Including certificates of deposit, commercial paper, money market funds, etc.)
Name of InstitutionSavings Account(s)
BalancesChecking Account(s)
BalancesMoney Market
BalancesCertificate of
DepositsMinus Pledged
Balances Total
SCHEDULE A1 IRA’s/Keogh/401K
Company-Institutions-Security Dealer Account Balance Pledges Total
SCHEDULE B Securities (Stocks, Bonds, and Mutual Funds - List unexercised stock options in Schedule D only)No. of Shares or Par Value
of Bonds Description RestrictedPledged Amount
Owner (A/C/JT)
L - Listed U - Unlisted
NM - Not Marketable CostMarket Value Comments
SCHEDULE C Insurance - Life (Group, Whole) and DisabilityAmount Name of Company Beneficiary Owner Loans Cash Value
Do you have: Major Medical? � Yes � No Property & Casualty? � Yes � No Disability? � Yes � No
SCHEDULE D Unexercised Company Stock Options
Name of CompanyNumber of
SharesExpiration
DateI - Incentive
N - Non-QualifiedExercise Price
Per ShareCurrent Market
Value
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Confidential Personal Financial Statement continued
SCHEDULE E Real Estate Owned (Including principal residence)
Description of Property and Mortgage Holder Title in Name of
Date Purchased Cost
Amount Owing
Mortgage Maturity
Market Value
Mortgage Payment
Rental Income
SCHEDULE F Vested Interest in Deferred Compensation/Profit-Sharing Plans
% Vested Name of Company A/CManner of Payout
(Annuity, Lump Sum, Etc.)Distribution
Date Beneficiary Amount
SCHEDULE G General and/or Limited Partnership/Business Interest
Name of Partnership/BusinessType of
InvestmentL - Limited G - General
Amount Invested
% of Ownership
Fair Market Value in Partnership Int.
CONTINGENT LIABILITIES
No Yes Amount
Are you contingently liable for any additional partnership/other contributions?
Are you an endorser, co-maker, or guarantor on any notes?
Do you have any outstanding letters of credit?
Are you contingently liable on any lease or contract?
Are there any suites or legal actions pending against you?
Are any of your tax obligations past due?
Have you ever filed for bankruptcy? If so, when?
If answer to any of the above questions is “yes,” please provide details: (Use additional sheet if necessary)________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
This personal Statement is provided to General Electric Credit Union (the Credit Union) for the purpose of inducing the Credit Union to extend or continue credit to the applicant.* The applicant represents and warrants to the Credit Union that the information provided in this Personal Statement is complete, correct and not misleading statement of the financial condition of the applicant as of the date of this Personal Statement. The applicant promises to promptly notify the Credit Union of any material change in the information provided which is detrimental to the applicant’s ability to pay all amounts which are or may become due to the Credit Union. In the absence of such a notice, the applicant represents and warrants to the Credit Union that the Credit Union may continue to rely upon this Personal Statement as a complete, correct and not misleading statement of the financial condition of the applicant. The applicant authorizes us to obtain additional information from credit bureaus and other lawful sources including the persons and companies names in the application. The Credit Union may receive information about the applicant from others and may answer questions and requests from others seeking credit and experience information about the applicant. By signing below, each Guarantor who is an individual provides written authorization to the Bank to obtain the Guarantor’s personal credit profile from one or more national credit bureaus. Such authorization shall extend to obtaining a credit profile in considering this Guaranty and subsequently for the purposes of update, renewal, or extension of such credit or additional credit and for reviewing or collecting the resulting account. The undersigned certifies that all sides hereof and the information inserted therein has been carefully read and is true and correct. The undersigned understands and agrees to the representations and statements made herein.
Signature (Applicant) Date Signed
Signature (Co-Applicant) Date Signed
*Applicant (and Co-Applicant, if applicable) 10
Existing Business Debt Schedule
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Projected Annualized Income Statement
Business Name (Existing or New): __________________________________________________________
1st Year Projections 2nd Year Projections 3rd Year Projections
Description Dollar Estimates % of Gross Sales Dollar Estimates % of Gross Sales Dollar Estimates % of Gross Sales
Total Revenue
Cost of Goods (COGS)
Gross Profit
Operating Expenses
Depreciation
Rent
Accounting & Legal
Advertising
Dues & Subscriptions
Insurance
Officer’s Salaries
Salaries & Wages
Supplies
Taxes
Telephone
Travel & Entertainment
Utilities
Amortization
Other:
Other:
Other:
Other:
Other:
Total Operating Expense
Operating Profit Before Tax
Other Income
Total Income
Income Taxes
Net Profit After Tax
Attach Narrative Explaining Basis for Figures, Showing Receipts, Expenses, and Profits
I certify that the foregoing data fairly represents potential annual earnings to the best of my/our knowledge.
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Signature Title Date
Signature Title Date
Include if not part of business plan.
Business Services to Build Your Business
Business Checking and Savings A checking account is what you use for day-to-day operations and the management of your company. That’s why we offer you a variety of business checking options to choose from. Plus, we offer business certificates and a money market account with great rates.
Business Credit Cards Simplify purchasing with a Business credit card. With competitive rates, unlimited points that don’t expire, and 2x the points on every purchase, our Business credit card was built with your financial goals in mind.1
Convenient ServicesManage your business efficiently. Business Online Banking and our mobile app offer robust digital business solutions including: wire transfers, Check Positive Pay, access to multiple entities with common ownership, and much more.2 In addition, we also offer Remote Deposit Capture to help you save time.
Merchant ServicesOur card processing service allow your business to accept credit cards, debit cards, and gift cards to supplement other forms of payment while reducing operational expenses.
Membership Eligibility: To become a Member of General Electric Credit Union, you must meet the membership requirements, including maintaining at least one (1) active account, as set forth in the Credit Union Bylaws. By signing this agreement, you: (1) authorize General Electric Credit Union to request consumer reports to determine eligibility for membership and products offered; (2) authorize General Electric Credit Union to open a membership in your name; and (3) acknowledge that you meet General Electric Credit Union’s field of membership requirements. 1Credit Card Fees: Regular APR applies; foreign transaction fee is 2% of each transaction in U.S. dollars. There is a $10 or 3% of the amount (whichever is greater) fee to transfer balances from other credit cards to a GECU credit card. For each dollar charged on a qualifying purchase in each billing period on your GECU Business card, you’ll earn reward points. Qualifying purchases are purchases for goods and services minus returns and other credits. Qualifying purchases do NOT include fees or interest charges, balance transfers, cash advances, or purchases of other cash equivalents. Additional terms and restrictions apply. This rewards program is offered at the discretion of GECU and may be changed from time to time with our without notification. Full terms and details of the rewards program will be included with your card. 2We provide Online Banking, our mobile app, and text alerts to you for free; however, mobile/internet data and text message charges from your service provider may apply. An enhanced Business Online Banking option is available for a $10 monthly fee. Insured by NCUA • Equal Opportunity Lender
We offer a wide variety of banking solutions for your current needs and future goals:
Learn more at: gecreditunion.org/business-accounts
10485 Reading Road, Cincinnati, OH 45241513.243.4328 | gecreditunion.org | 800.542.7093 ext. 669
Equal Opportunity Lender. GECU NMLS #449875
Our VisionBe number one in hearts and minds of
Greater Cincinnatians through our mission to Improve the Quality of Financial Lives for employees, members, and our community.
Our MissionImproving the Quality
of Financial Lives
Revised 2/2020 AB
