Credit Approval Request Template
The salesperson should prepare a Credit Approval Request Template after reviewing the application and submit this form along with the customer’s credit application to the Credit Department for processing.
The Credit Department will review the REV103-2 REQUEST FOR CREDIT APPROVAL and application for the following key categories of information:
- Legal name of business.
- Trade name or “Doing Business As” (DBA) name.
- Type of Business – Sole proprietorship, partnership, corporation, subsidiary or division, or nonprofit organization.
- Complete address – street, city, state/province, zip code/postal code, and telephone number(s). A post office box is not acceptable.
- Years in business – Credit risks increase for businesses in existence for less than five years.
- Primary bank and the name of the applicant’s commercial loan officer. Since money can be moved around easily, a reference does not mean much if an account has had significant balances for less than six months. A year is much better. If an applicant switched primary banks within the past year, find out why.
- Trade References – Five references are better than the standard three references. References will be contacted but should be expected to be favorable as people seldom give out “bad” references. Also some references could be friends or relatives.
Credit Approval Request Template Details
Format: Microsoft Word 2013 (.docx)
Procedure: Credit Policy Procedure REV103