Checklist

All items must be submitted to constitute a complete application package. Incomplete loan applications will not be submitted for underwriting and can/will delay the loan approval process.
 
Loan Application *

Business Plan or Executive Summary - For businesses with an operating history of less than 3 years, a complete business plan is required

Statement describing use of loan proceeds - Attach corresponding invoices and estimates including contractor proposals

Resumes of management team members and/or officers

Company tax returns for the last 3 years

Historical financial statements for the last 3 years - (Balance Sheet, Profit and Loss Statement, Accounts Receivable and Aging Report)

Interim financial statements no more than 45 days old - (Balance Sheet, Profit and Loss Statement, Accounts Receivable and Aging Report)

Projected sales and expenses for 24 months - Include detailed assumptions to support the projections

Copy of Lease Agreement (if applicable) - Letter of Intent is acceptable with draft agreement

Contract of Sale (if applicable)

Personal tax returns for the last 3 years - All owners with 20% or more ownership interest and loan guarantors

Personal Financial Statement and Personal History * - All owners with 20% or more ownership interest and loan guarantors. Even if they do not have an ownership interest in the company, if assets are owned jointly with a spouse, the spouse must also sign the form. If assets are owned separately, the spouse must complete a separate form.

IRS 4506T Form * - Complete a form for the guarantors. If taxes are filed jointly, the joint filer must sign form. Complete a form for the business entity.

Copy of pertinent contracts and agreements - Include Franchise Agreements

Loan Processing Fee - All processing fees are non-refundable

Copy of Credit Report for each guarantor - No more than 30 days old

Certificate of Good Standing (for Business Entity) - No more than 30 days old



* Forms are available by fax or online at www.fscfirst.com.

** Please note that ALL financial statements and tax returns must be signed and dated in blue ink with original signatures. A “Principal” is any person who owns 20% or more of the business.

DISCLOSURES:

  1. This Universal Loan Application checklist contains the minimum required documentation for any/all loans processed by FSC First.
  2. FSC First does share documents with resource and lending partners for the sole purpose of obtaining a loan approval.  Additional application items may be requested during the underwriting, approval and closing process.
  3. FSC First is a 501c(3) nonprofit, Community Development Financial Institution and is not an agency of the Prince George’s County government.
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