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Business Loan Sample Application - Page 6

Cell phone
Here we recommend that you put down your personal cell phone – it is also ok to put down your home phone or to leave this part of the business loan application blank.

Personal email
We recommend that business owners have a separate personal email and a separate business email address – it looks more professional.  Put down your personal email address here and if you don’t have one, we recommend that you create a personal email account with Yahoo, Google mail, Hotmail or the many other email providers out there.

Percent of Business owned
When applying for a business loan it is important to remember that lenders like to see a full personal application form for every individual that owns more than 20% of the business.  While this preference changes from lender to lender, if you own more than 20% of the business you will most certainly have to fill out a personal financial statement and be personally responsible for the loan as a guarantor.

Social Security Number & Date of Birth
Fairly obvious – put down the appropriate items as requested.

US Citizen / Permanent Resident
When making business loans, lenders will typically not make any discrimination between a United States Citizen or a Permanent Resident (green card holder).  If however you are on a visa you may have trouble obtaining a traditional business loan from a conventional (bank) lender.  We recommend that you discuss this with your Business Banker – in many cases brining on a co-signer or guarantor who is a US Citizen or Permanent Resident may solve the problem.

Employed by? Type of Business? Length of Employment?
If you are employed by the business for which you are applying you will of course put that down; if on the hand you are employed by another company or have another  business interest you may have to put that information down in this part of the business loan application.  For example you may have a 50% ownership interest as a partner with you brother in a gas station but you primary occupation may be a physician – thus you would have to mention your primary occupation in this part of the business loan application.

Home address
Please make sure that you put down the same home address as the one on yours driver’s license.  We highly recommend that if you have recently moved and have not yet updated your driver’s license with the local department of motor vehicles (DMV), that you consider getting that done before applying for a business loan.

Mailing address
If your personal mailing address is different from your home address, you will have to put that down here; in the event specific documentation like a personal bank statement is requested from you, the underwriter will check to see if the address on the bank statement matches with the one that you have put down as your home address on your application for the business loan.

Own or Lease?  Years at this address?
As with all other questions in the application it is always better to answer as truthfully and candidly as possible – if you own your home, the underwriter may request a proof of ownership.  In the case of a lease,  a copy of your lease along with proof of monthly rent payment may be requested.  Generally underwriters like to see 2 years worth of consistency.

Race, Ethnicity, Education
These sections of the lender application are fairly obvious and some of this information has to be submitted by the lender to the federal government. 

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