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Get Your Business Loan at General Electric Credit Union. A step-by-step business loan application!

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(1)

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

(2)

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

(3)

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)

(4)

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 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 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 $

(5)

Ownership & Officers

Important!

Have there been any changes in the last six months: ‰ Yes ‰ 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 ____________

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.

________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________

(6)

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 employment

Name 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.

(7)

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.

(8)

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:

________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________

(9)

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

(10)

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

(11)

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

(12)

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

(13)

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.

(14)

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.

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