Get Your Business Loan at
General Electric Credit Union!
A step-by-step
business loan application!
www.gecreditunion.org
Gen
eral Electric Credit Unio n
Getting Started:
1. Gather the supporting documents and information you need
2. Complete the business loan application
3. Call us to set-up an appointment to review
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.
•
Commercial real estate term loans
•
Revolving lines of credit
•
Business term loans
•
Non-profit lending
•
SBA loans
Eligible use of business loan funding includes:
•
Real estate acquisitions
•
Leasehold improvements
•
Equipment financing
•
Franchise opportunities
•
Business debt consolidation
•
Short-term working capital
•
Permanent working capital
•
Personal business loan
–
A personal business loan could be used
for a second home or property, or even a
residential or multi-family investment.
y
Investment properties
Gather the Supporting Documents & Information You Need
In order to process your application without delay, we need complete information. The following checklist(s) will assist you in
gathering the necessary documents and information to the evaluation of your loan request.
Checklist for All Loan Requests
Completed Business Loan Application
Completed Resume -
attached
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
By-laws/Operating Agreement
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/Start-up 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)
Complete the Business Loan Application
GENERAL 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: “C” corporation “S” corporation Sole proprietorship LLC Other:
Date Founded: Number of Employees: Annual Sales Volume: $
FINANCIAL STATEMENTS AND TAX RETURNS.
Please provide a copy of the company’s financial statements or tax returns for the last three yearsand 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 Signature: Title: Date:
Applicant Signature: Title: Date:
2
MEMBER/APPLICANT INFORMATION
Name: Social Security #: Date of Birth:
Member #: Telephone (H): (W):
Res. Address: County:
Time at Current Address: Years Mos. Monthly Housing Payment: $
Annual Income: (from business) $ Annual Income: (from other source) $
Personal Net Worth: (excluding value of the business) $
Name: Social Security #: Date of Birth:
Member #: Telephone (H): (W):
Res. Address: County:
Time at Current Address: Years Mos. Monthly Housing Payment: $
Annual Income: (from business) $ Annual Income: (from other source) $
Personal Net Worth: (excluding value of the business) $
USE OF LOAN PROCEEDS
The following sections relates 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 & 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 $
Ownership & Officers
Important!
Have there been any changes in the last six months: Yes NoList 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 ____________
Is this company for profit? Yes No
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 a franchise and/or operate under a license or dealer agreement? (If yes, please provide a copy of the agreement) Yes No
Name of franchise: ____________________________________________________
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 No Please provide copies of tax returns and K-I’s to show ownership percentage.
Does this business restrict patronage? Yes No
Does the borrower or a principal of the borrower have any outstanding SBA loans? Yes No **If you answered “yes” to any of the above questions, please provide an explanation.
________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________
Resume
Name: _______________________________________________________________________________________________________________
First Middle Maiden Last
Residence Address: ___________________________________________________________________________________________________
___________________________________________________________________________________________________
City State Zip
Home Phone: ____________________________________________________ Work Phone: _________________________________________
The following forms must be completed, by each principal, before application will be processed
Have you ever been employed by the U.S. Government or Military? Yes No
Agency/Position/Rank Grade: ___________________________________________________ Date of Service: ______________________
Are you a U.S. Citizen? Yes No If no, please provide Alien Registration Card copies (front & back)
Gender: Male Female
Ethnic Background:
White Black Hispanic Asian
Pacific Islander American Indian Multi-Group Other
WORK EXPERIENCE
List chronologically, beginning with present employmentName of Company: _________________________________________________________________ % of Business Owned: _________________
Full Address: _____________________________________________________________________________________________________________
From: ________________________________________________________________ To: _____________________________________________
Title: _____________________________________________ Duties: ______________________________________________________________
Name of Company: _________________________________________________________________ % of Business Owned: _________________
Full Address: _____________________________________________________________________________________________________________
From: ________________________________________________________________ To: _____________________________________________
Title: _____________________________________________ Duties: ______________________________________________________________
Name of Company: _________________________________________________________________ % of Business Owned: _________________
Full Address: _____________________________________________________________________________________________________________
From: ________________________________________________________________ To: _____________________________________________
Title: _____________________________________________ Duties: ______________________________________________________________
EDUCATION
College or Technical Training Dates Attended
Name & Location From To Major Degree/Certificate 1. ______________________________________________________________________________________________________________________
2. ______________________________________________________________________________________________________________________
3. ______________________________________________________________________________________________________________________
4. ______________________________________________________________________________________________________________________
*Any additional information, please send along with the application.
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.
Confidential Personal Financial Statement
APPLICANT
Full Name: _______________________________________________________________________________________________________________
Email Address: _______________________________________________________ State and Driver’s License Number: _____________________
Home Address: ___________________________________________________________________________________________________________
Years There: ________________________________________ Rent Own
Social Security Number: __________________________________________________ Date of Birth: ____________________________________
Cell Phone: __________________________________________________________ Home Phone: ______________________________________
Employer: _____________________________________________________________________ Years There: _____________________________
Employer Address: ________________________________________________________________________________________________________
Business Phone: ______________________________________________________ Business Fax: _______________________________________ Position/Title: ________________________________________________________ Type of Business: ___________________________________
Names/Ages of Dependents: ________________________________________________________________________________________________
Name of Nearest Relative Not Living With You/Relationship: _______________________________________________________________________ Relative’s Phone Number: ___________________________________________________________
Relative’s Address: ________________________________________________________________________________________________________
CO-APPLICANT (IF APPLICABLE)
Full Name: _______________________________________________________________________________________________________________
Email Address: _______________________________________________________ State and Driver’s License Number: _____________________
Same as above Home Address: ___________________________________________________________________________________________
Years There: _________________________________ Rent Own
Social Security Number: ________________________________________________ Date of Birth: ______________________________________
Cell Phone: __________________________________________________________ Home Phone: ______________________________________
Employer: _____________________________________________________________________ Years There: _____________________________
Employer Address: ________________________________________________________________________________________________________
Business Phone: ______________________________________________________ Business Fax: _______________________________________ Position/Title: ________________________________________________________ Type of Business: ___________________________________
Same as above Names/Ages of Dependents: _________________________________________________________________________________
Name of Nearest Relative Not Living With You/Relationship: _______________________________________________________________________ Relative’s Phone Number: ___________________________________________________________
Relative’s Address: ________________________________________________________________________________________________________
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.
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 Yes
Are any of your assets pledged, loaned, or hypothecated other than noted on the attached schedules? No Yes If “yes,” please provide details:
________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________
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 Institution Savings Account(s) Balances Checking Account(s) Balances Money Market Balances Certificate of Deposits Minus 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 Restricted Pledged Amount (A/C/JT)Owner
L - Listed U - Unlisted
NM - Not Marketable Cost Market Value Comments
SCHEDULE C
Insurance - Life (Group, Whole) and Disability
Amount 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 Company Number of Shares Expiration Date N - Non-QualifiedI - Incentive Exercise Price Per Share Current Market Value
Confidential Personal Financial Statement
continued
SCHEDULE E
Real Estate Owned (Including principal residence)
Description of Property and
Mortgage Holder Title in Name of PurchasedDate Cost Amount Owing Mortgage Maturity Market Value Mortgage Payment IncomeRental
SCHEDULE F
Vested Interest in Deferred Compensation/Profit-Sharing Plans
% Vested Name of Company A/C (Annuity, Lump Sum, Etc.)Manner of Payout Distribution Date Beneficiary Amount
SCHEDULE G
General and/or Limited Partnership/Business Interest
Name of Partnership/Business InvestmentType of G - GeneralL - Limited InvestedAmount Ownership% of 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.
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) 8
Existing Business Debt Schedule
Business Name: ________________________________________________________________________ Da te:* ____________________________*Should be the same dat
e as curren
t financial s
tat emen t. **T ot al mus
t agree with balanc
e sho
wn on the curren
t financial s
tat emen t. Cr edit or Name Original Amoun t
Original Dat
e Pr esen t Balance In ter es t Ra te Ma
turity Date
Mon thly Pa ymen t Security Curr en t/ Delinquen t Tot al Pr esen t Balance** Tot al Mon thly P aymen t
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.
10
Signature Title Date
Signature Title Date
Call us to set-up an appointment
to review your application!
You will need to bring:
q
Complete business loan application
q
Completed personal financial statement
q
All the required supporting documents
You can count on General Electric Credit Union to help analyze your needs and suggest solutions. We will give
you the one-to-one service you and your business deserve. You’ll also receive:
•
Competitive rates and terms
•
Streamlined application process
•
Low closing costs
•
No prepayment penalties
*So, let’s get started. If you have questions, would like to know the rates and terms, or want to set-up an
appointment to meet with us, call us.
Speak with a Business Loan
professional today!
*Therearenoprepaymentpenaltiesonanyin-house,GECU
loans.PrepaymentpenaltiesapplyonqualifiedSBAloans.
Gen
eral Electric Credit Unio n
General Electric Credit Union
10485 Reading Road • Cincinnati, OH 45241
513.243.4328 • 800.542.7093
www.gecreditunion.org
Use this easy to use kit to start your business loan
application. Then, call us to set-up an appointment to
apply for your business loan.
Call 513.243.4328 and ask to speak
to a business lending professional today!
AB 4/15 Equal Opportunity Lender. GECU NMLS #449875.