Loan Requirements
- Application (pdf) (doc) completed and signed by all business owners and guarantors.
- Three years of personal tax returns and a current personal financial statement for all owners of the business.
- Two years of business tax returns, if already in business and a Profit & Loss statement along with a Balance Sheet not more than 60 days old.
- Business Plan for all start-ups
- Financial projections of the income statement for two years, showing the assumptions behind the numbers.
- Copy of the DRAFT lease or buy-sell agreement for the business location (please do not sign a lease or agreement until you have all the resources you need to operate the business!!)
- RBAC will conduct a personal credit search for all owners and guarantors of the business upon receipt of signed applications. All bankruptcies, judgments and charge-offs must be explained in writing. All owners and guarantors of the business must provide written evidence that bankruptcies, judgments and charge-offs have been satisfied or are in a satisfactory workout situation. You can order your own credit report at no cost by calling 1-888-397-3742.
- Evidence of the owner(s) cash/equity contribution to the total project cost. A minimum of 10% (non-borrowed funds) of the total project cost must be contributed by the owner(s). RBAC will not finance 100% of any business venture.
- Copy of the operating agreement for all corporations, partnerships, and LLC/P's that clearly shows the owner(s) of the business and percentage of ownership.
- Evidence that the business is current with the payment of state sales taxes and payroll taxes, if applicable.
