eligible for a business acquisition loan: * Borrower(s) located a business that has been profitable on taxes for the last 2 to 3 years * Borrower(s) has a credit score of 680+ * Borrower(s) has a minimum of 25% down payment The following documents below will be required: DOCUMENTS NEEDED FROM BORROWER(S) Item AA1 Business Loan Application (DOWNLOADABLE) (We will need all principals to sign one copy of this) Item AA2 Consulting Fee Agreement (Agreement will be sent upon request) The agreement shall be completed, signed, and notarized Item AA3 Non-Circumvention Agreement (DOWNLOADABLE) (Read carefully. This document needs to be completed, signed, and notarized by a notary public) Item AA4 Personal Financial Statement (DOWNLOADABLE) (Each principal must complete a copy this form) Item 4506-T (DOWNLOADABLE) (The lender will require two copies of this form. One for personal and one for the business) Item AA6 Business Debt Schedule (DOWNLOADABLE) (Please list all business debt, sign, and date) Item AA7 Management Resume (DOWNLOADABLE) (We will need a copy from all principals signed and dated) Item AA8 statement of Personal History (DOWNLOADABLE) (We will need a copy from all principals signed and dated) Item AA9 Signed LOI to Purchase Business (DOCUMENT TO GATHER) (Must be signed by buyer and seller) Item AA10 3 Years Personal Tax Returns (DOCUMENT TO GATHER) (We will need a copy from all principals) Item AA11 Copy of Driver License (We will need a copy from all principals) Item AA12 Articles of Incorporation / Fictitious Name Filing (DOCUMENT TO GATHER) (If applicable) Item AA13 All Business Licenses (DOCUMENT TO GATHER) (If applicable) Item AA14 Business Plan (DOCUMENT TO GATHER) (Please include 3 years projections) DOCUMENTS NEEDED FROM SELLER Item AA15 3 Years Business Tax Returns (DOCUMENT TO GATHER) (If applicable) Item AA16 3 Years Business Financial Statement (DOCUMENT TO GATHER) Item AA17 Interim Business Financial Statement (DOCUMENT TO GATHER) Item AA18 List of Inventory and Valuation (DOCUMENT TO GATHER) Item AA19 List of Equipment and Valuation (DOCUMENT TO GATHER) Item A20 Value of Goodwill (DOCUMENT TO GATHER) |
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