Loan Application Checklist Template | RC1030-1

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Loan Application Checklist RC1030-1

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editable in ms wordLoan Application Checklist Template

The CFO should gather information the bank will need to evaluate and process the loan application, using the Loan Application Checklist Template for guidance, then submit the application to the company’s Board of Directors (or Advisory Board) for review and approval. RC1030-1 LOAN APPLICATION CHECKLIST covers personal federal tax returns, business financial statements, copy of current lease, complete business plan, and more.

The Board of Directors (or Advisory Board), once it has decided to approve the application, should draw up a formal resolution authorizing the borrowing of funds. The CFO should submit the complete loan application package to the approved lending institution(s). On approving the loan application, the lending institution will generally issue a formal Loan Commitment, which may be a simple one-page form letter or could be a multiple-page loan acceptance form.

The CFO should review the Loan Commitment, paying special attention to terms (interest rate, payback period, insurance requirements, etc.) set forth by the lender. He/she should have qualified legal counsel review the Commitment, to ensure that it conforms to legal requirements and to ensure that the company’s best interests are protected.

Loan Application Checklist RC1030-1Loan Application Checklist Template Details

Pages: 01
Words: 171
Format: Microsoft Word 2013 (.docx)
Language: English
Manual: Finance
Category: Raising Capital
Procedure: Bank Loan Applications Procedure RC1030
Type: Checklist

SKU: RC1030-1 Tags: , .

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