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Forms > Commercial Loan Application

Commercial Loan Application

IMPORTANT APPLICANT INFORMATION: Federal law requires financial institutions to obtain sufficient information to verify your identity. You may be asked several questions and to provide one ore more forms of identification to fulfill this requirement. In some instances we may use outside sources to confirm the information. The information you provide is protected by our privacy policy and federal law.

Is this a joint application?
Request a commercial loan
If you need another modification, explain

 

LOAN APPLICANT. Loan Applicant General Information
Applicant's Name(s):
Organization Form
ex., Corporation
Where and When Organized?
Franchise, in full force and without defaults?
Name of Franchiser
Name(s) of Affiliated Entities
Current Tradename(s)
Other Tradenames Used in Last 10 Years
Local Address

Phone Number
Fax Number
Principal Executive Office Address

Phone Number
Fax Number
Tax Identification Number
Nature of Business
NAICS Code

 

CONTANCT INFORMATION
Main Principle Name
Address


Position
Social Security
Date of Birth
Secondary Principle Name
Address


Position
Social Security
Date of Birth
Accountant Name
Address


Phone

 

FINANCIAL STATEMENTS
Fiscal Year
Calender Year
Financial Statements covering to
Accounts Receivable Schedule covering to
Inventory Schedule covering to
Income Tax/Informational Returns for tax years
Other (Specify)

 

OTHER STATEMENTS
Business Plan dated
Project Plans & Specifications
Project Budget dated
Franchise Agreement, FTC Franchiser Disclosure Statement
List of outstanding judgments or threatened lawsuites, arbitration, or other proceeding against loan applicant.
Other (Articles of Incorporation, Resolutions, etc.)

 

LOAN REQUEST AND SOURCES OF REPAYMENT
Ammount Requested
Loan Purpose
Loan Advances
Loan Payment
Loan Payment (Other)
Requested Payment Amount
Requested Balloon
Requested First Payment Date
Requested Loan Term
Payment Frequency (if installment)
Payment Frequency (other)
Requested Interest Rate
Index (If Variable)
List of primary and secondary sources of repayment for this loan:

 

LOAN SECURITY
The requested loan will be secured.
All loan proceeds will be for purchase of collateral.
How much proceeds will be for purchase of collateral
Appraised value of purchase money collateral
Description of purchase money collateral:
Brief description of non-purchase money collateral:
Appraised value
Type of current property insurance on non-purchase money collateral
Coverage of current property insurance on non-purchase money collateral
Deductible of current property insurance on non-purchase money collateral
Term of current property insurance on non-purchase money collateral
Liens on collateral (List any collateral with liens on it, the amount of underlying debt, the names and addresses of collateral's lienholders)
Non-Applicant owners of collateral.

 

LOAN GUARANTY
The requested loan will be guaranteed.
Legal name
Address

Phone Number
Guarantor or affiliate were declared bankrupt with the last 10 years
There are outstanding judgments against Guarantor
Guarantor Financial Statements. If 'Yes', Guarantor is an entity and will provide financial statements upon request by Lender.
Security. Brief description of collateral to secure this guaranty
Appraised value of guaranty collateral
Type of current property insurance on existing collateral
Coverage of current property insurance on existing collateral
Deductible of current property insurance on existing collateral
Term of current property insurance on existing collateral
Liens on collateral (List any collateral with liens on it, the amount of underlying debt, the names and addresses of collateral's lienholders)
Non-Guarantor owners of collateral.

 

Notice - Joint Credit
We intend to apply for joing credit. (initials)

 

CREDIT DENIAL NOTICE. If your gross revenues were $1,000,000 or less in your previous fiscal year, or you are requesting trade credit, a factoring agreement, or similar types of business credit in this Commercial Loan Application, and if your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement please contact (Name, address, and telephone number of the person or office from which the statement of reasons can be obtained):
OLMSTED NATIONAL BANK
120 ELTON HILLS DRIVE NW ROCHESTER, MN 55901 (507) 280-0621
within 60 days from the date you are notified of our decision. We will send you a written statement of reasons for the denial within 30 days of receiving your request for the statement. The notice that follws describes additional protections extended to you.

 

EQUAL CREDIT OPPORTUNITY NOTICE: The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (providing the applicant has the capacity to enter into a binding contract), because all or a part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is:
COMPTROLLER OF THE CURRENCY
CUTOMER ASSISTANCE GROUP
1301 MCKINNEY STREET, SUITE 3450
HOUSTON, TX 77010-9050

 

SIGNATURES. By signing below, Loan Applicant submits this application and the information provided on all accompanying financial statements and schedules for the purpose of obtaining credit and represents that the information submitted is accurate and complete. Loan Applicant acknowledges that representations made in this application will be relied on by Lender in evaluating this application and, if approved, in extending credit. Loan Applicant represents that none of the parties named in this application have relied on advice from the Lender in applying for or receiving any credit. Loan Applicant acknowledges that Lender has not made any commitment to approve this application and extend credit, unless otherwise agreed to in writing. Lender is authorized to conduct any inquires it decides are necessary to verify that accuracy of the information contained in this application and to used any reasonable method to determine the creditworthiness of the Loan Applicant. Lender is also authorized to answer any questions from others about Lender's credit experience with the parties in this application. Loan Applicant will promptly notify Lender of any subsequent changes which would affect the accuracy of this application, and will provide all documents and information that Lender decides are necessary to complete this application. Loan Applicant authorizes Lender to retain this application, whether or not Lender approves any extension of credit. Any intentional misrepresentation of the information contained herein could result in criminal action under federal law.

In addition, each individual signing below authorizes the Creditor to check their individual credit account and employment history and have a credit reporting agency prepare a consumer credit report on them.

 

Applicant Signature
Title
Date
Applicant Signature
Title
Date

 
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