Commercial Loan Application Tips
Applying For a Small Business, Commercial Real Estate or Commercial Loan?
We want to make it easier for you!
We are in business to make loans. To make sure you have the best opportunity to present your business case, we recommend that you bring several items to your first meeting with a TrustBank Loan Officer. This will ensure that we have the information we need to analyze your business situation and you will get a decision on your loan or credit line more quickly.
Your loan application will be made up of several components, which will include most or all of the following:
- A completed Business Credit Application
- Personal tax returns for the past three years (for all owners)
- Business tax returns for the past three years
- A personal financial statement for all owners
- A business financial statement for the past three years (Include income statements, balance sheets. Aging of Accounts Receivable and Payable, and Inventory Detail)
- Your business plan
- Articles of Incorporation or Partnership Agreement
Your Business Plan Should Include the Following:
- Business history
- Description of business organization
- Planned use of loan funds
- Source of loan repayment
- Description of intended market and major products
- Anticipated competition
- Financial projections for at least one year
- Resumes for owner(s) of the business
- Proof of adequate insurance coverage
Additional Information Needed for Commercial Applications:
- For commercial real estate loans, you should also bring rent roll and profit and loss for the property.
- For Purchased Real Estate loan requests, please provide a copy of your Purchase Agreement or Contract for Deed.
- If owner(s) or majority stockholder(s) own or have a controlling interest in other businesses, please provide the business
- name(s) and its relationship with your company along with a current balance sheet and operating statement for each.
- Do you buy from, sell to, or use the services of any concern in which someone in your company has a significant financial interest? If yes, please provide details of this affiliation.
- If your business is a franchise, please include a copy of the franchise agreement and a copy of the FTC disclosure statement supplied to you by the Franchisor.