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Business Loan Sample Application - Page 3

Date business started 
This refers to the date of incorporation of the business entity and in the event there was not formal incorporation date then it would be the date when you started conducting business.

State of Incorporation
The state in which your business was incorporated and in the case of unincorporated entities it is the state in which you conduct business or where you plan on conducting business.

Federal Tax Id 
Whenever you set up a separate legal business entity you have to apply to the government for a separate tax identification number for that business entity – this is where you would get a federal tax Id from the Internal Revenue Service (IRS).  In the event you are unincorporated you would enter your Social Security Number.

Type of Business
In this section of a business loan application the lender is trying to ascertain the industry sector that you are in.  Industry classifications are based on the NAICS (North American Industry Classification System) and we at Trident Consultants use the same classifications to identify the exact industry sub-group where our clients business belongs.  These classifications were developed by the government and replace the older SIC (Sector Industrial Classification) codes that were earlier in use.  To learn more about the NAICS codes please visit the census bureau at www.census.gov

Description of Product or Service
Here the lenders want to hear from you and we recommend that you take few catch words to describe what you do.

2. BUSINESS FINANCIAL INFORMATION

Existing Bank Name & Number 
The name of your existing bank where you have your business accounts is what goes in here – in the event you do not have a business account you should leave this area blank but make sure you check with your business banker. 

Loan or deposit account information
In the event you have a business loan currently the lender typically likes to see how you have been doing with the repayment of that loan and will ask you information about that loan including the account number, the balance of the loan, the monthly payment and the also if you would like to payoff this existing loan with the proceeds of the new loan for which you are filing out an application.

Gross Annual Income
For existing businesses this would be the actual top lines sales number that you report on your business.  The bank may require this for two to three years on business loan applications.

Business Net Income
The net profit after taxes is what this number refers to, please check with your certified public accountant if you are not sure about this figure.

Number of Employees
Simply put down the total employees you have working for your business; even if your employees are part-time we highly recommend that you put them down in this listing. 

Cash Balance
This refers to the amount of cash you have in hand in your checking, savings and money market accounts.

Monthly Debt Payments
How much do you pay on all the business debts that you have outstanding – calculate the sum of all these monthly debt payments and put it down here.

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