Business Application Tips
Applying For a Small Business, Commercial Real Estate or Commercial Loan?
We want to make it easier for you!
A serious segment of our business is to make loans. To make sure you have the best opportunity to present your business credit worthiness, we recommend that you bring several items to your first meeting with a Emerald Bank Loan Officer. This will ensure that we have the information we need to analyze your business situation and you will get a decision on your loan or credit line more quickly.
Your loan application will be made up of several components, which will include most or all of the following.
- A completed Business Credit Application
- Personal tax returns for the past three years (for all owners)
- Business tax returns for the past three years
- A personal financial statement for all owners
- A business financial statement for the past three years
(They should include income statements and balance sheets.)
- Your business plan
- Current year interim financial statements
Your Business Plan Should Include the Following:
- Business history
- Description of business organization
- Planned use of loan funds
- Source of loan repayment
- Description of intended market and major products
- Anticipated competition
- Financial projections for at least three years
- Resumes for owner(s) of the business
Additional Info Needed for Commercial Real Estate Applications:
- For office, warehouse, or apartment buildings, you should also bring rent roll and profit and loss for the property.
- For Purchased Transactions, you should bring a copy of the purchase agreement.