Documents Required for Loan Applications

Photo ID

Requirements

  1. Photo
  2. Address
  3. Date of Birth (DOB)
  4. Government issued
  5. Not expired

For legal purposes, we’ll need your government ID to confirm your identity and basic information. Please make sure your photo ID is a government-issued ID and clearly displays a photo of yourself, your address, and your date of birth. Pay attention to ID expiration dates.

Bank Statements 

Requirements

  1. Federally recognized bank (Member FDIC)
  2. Itemized statement (each and every transaction is listed and dated)
  3. For all personal and business accounts

We need to see your three most current months of bank statements in order to better understand both you and your business’ needs and financial habits. These statements must be from a federally recognized bank (member FDIC). Please ensure it is an itemized statement, where each and every transaction is listed and dated. Be sure to include both personal and business accounts.

Profit and Loss / Income Statement

Your business’ income could include the business’ sales (including cash and credit), services, and other applicable information. Your business’ expenses could include but are not limited to cost of goods sold, advertising, bank fees, bookkeeping fees, legal/professional fees, other payroll expenses and taxes, income tax, repairs and maintenance, office supplies, and software. For an extensive list, please see above. We need these documents in order to understand your business’ health and basic expenses and sales.

Taxes (Personal & Business) 

Requirements

  1. Form 1040
  2. Schedule C (form 1040)
  3. Other tax documents may be required depending on business structure, however the two above are the most common for our clients

We need your personal and business tax documents in order to both ensure tax payment integrity and confirm reported revenue and income. We require the Form 1040 (U.S Individual Income Tax Return) and the Schedule C. We may request and require other tax documents depending on your business structure and will communicate as needed.

Credit Score and Statement

Requirements

  1. Soft pull of credit score and statement from Credit Karma or similar service
    1. A screen shot is acceptable
    2. Usually collected during the document collection meeting, but can be provided prior

We need your credit score and statement from Credit Karma or a similar service. A screenshot of your credit score is acceptable. We will also collect this document during a document collection meeting if your application moves forward, however, providing it beforehand may accelerate the process. We need these documents in order to evaluate your creditworthiness. Unlike most institutions however, your credit score will not determine your rate nor can it disqualify you for a loan.

Pay Stub

Requirements

  1. Monthly and YTD amounts
  2. Employer name
  3. Employer address
  4. Employee address
  5. Last four of client social security # (typical but not required)

 Your pay stub document must show monthly and YTD amounts (year to date). We also require the employer full legal name, employer address, and employee address to be clearly visible. Typically, the pay stub document should include the last four digits of your social security number. If yours does not, that is also acceptable. We need this document in order to verify your expected monthly income through the duration of the loan.

Veteran Benefits (if applicable)

Requirements

  1. Client name
  2. Client address
  3. Monthly award

If you receive veterans benefits, please provide the document which shows your full legal name, address, and monthly award. We need this document in order to verify your expected monthly income from veterans benefits through the duration of the loan.

Social Security Statement (if applicable)

If applicable, please include a copy of your SSA-1042S form.  This is a social security tax form that outlines the total amount of benefits from social security you received in the previous year. For more information, please refer to this website: faq.ssa.gov/en-us/Topic/article/KA-01723

We need this document in order to provide a more holistic view of your financial position.

Utility Bill (low priority)

Requirements

  1. As recent as possible
  2. Client address
  3. Client name
  4. Amount due

Please include a copy of the most recent utility bill you have available. Make sure that this utility bill includes your full name, address, and the amount due. We need this document in order to understand your essential needs.

 

Use of Funds

Requirements

  1. Business name
  2. Client name
  3. Itemized list which including categories
    1. Name
    2. Quantity
    3. Price
    4. Link to item
  4. Explanation
    1. For each time explaining intended use, possible benefits, ease of implementation, and level of importance

We ask you to provide an explanation of exactly what you would use this loan for. Please include an itemized list of the products you wish to purchase with this loan with an explanation of each item’s intended use, possible benefits, ease of implementation, and level of importance. For every item in this list be sure to include the name of the product, the quantity you wish to purchase, the price per unit, and if possible an internet link to the item.  Lastly, be sure to include your name as well as the name of your business in this document. We need this document to give you a voice to explain how you will utilize our loan to fund the exact items requested. Moreover, we want to better understand how these items will better help your small business.

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