Patriot Express Loan Initiative

7a Program Summary

Text Box: Patriot Express Loan Program

Patriot Express Loan is designed to support and assist those in the military community wanting to establish or expand their small businesses.

Ø Maximum loan size: $500,000.
Ø Streamlines documentation and processing
Ø Veteran must be at least 51% owner

U.S. Small Business Administration

SBA Application Checklist

Print SBA Application Checklist

Printable Documents

Contacts:

fsandow@sbaloancenter.com

grude@sbaloancenter.com

Loan Amounts	Up to $2 million
Eligibility	For profit business SBA maximum size standards apply Manufacturing - up to 500 employees* Wholesale - up to 100 employees Retail or service - annual sales up to $20 million** Construction - annual sales up to $17 million
Terms	Up to 25 years for real estate purchase Up to 10 years for equipment Up to 7 years for working capital All loans are fully amortized
Rate	Adjustable tied to prime Adjusts quarterly
Loan Purpose	Purchase/Improve owner occupied commercial real estate Purchase equipment/inventory Business acquisition/expansion Working capital Franchise financing
Credit Criteria	Management experience Good credit history Demonstrate repayment ability Collateral - business and personal assets Borrower down payment
Bank Fees	$800 packaging fee for loans under $150,000 $1,000 packaging fee for loans over $150,000
SBA Fees	SBA guarantee fee depends on the transaction size Fees may be financed
Benefits	Longer terms generally no available with conventional loans Lower down payments allowing the business to conserve working capital Competitive interest rates No balloon payments
Some manufacturing companies can be up to 1,000 employees *Varies depending on industry

Printable Documents

Unless otherwise indicated
all forms are interactive
and may be completed on your
screen, printed, then
signed and submitted.
Where indicated by an
asterisk (*), forms will
need to be printed out
and completed by hand.

SBA Application Checklist*

Loan Application

Business Profile

Management Profile

Term Debt Schedule

Profit/Loss Projections

Personal Financial Statement

INS Verification*

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SBA Application Checklist

Application Documents:

⁭ Business Loan Application

⁭ Business Profile

⁭ Business Plan¹

⁭ Signed IRS Form 4506 to verify tax returns

⁭ Management profile for each owner and key management personnel

⁭ Entity Documents:

o Corporation

· Articles of Incorporation

· Amendments & Signed By-Laws

· Domestic Exchange Filing of Officers

o Partnership

· Partnership Agreement

o LLC

· Articles of Organization

· Signed Operating Agreement

⁭ Fictitious Name Statement²

⁭ Business License

⁭ Franchise Agreement & UFOC²

Business Financials:

⁭ Current interim business financial statement (Balance Sheet & Profit/Loss Stmt. less than 60 days old)

⁭ Three years fiscal year-end business financial statement (Balance Sheet & Profit/Loss Stmt.)²

⁭ Three years federal business income tax returns, signed and dated by taxpayer

⁭ Business Term Debt Schedule (Debts must match term debt on current financial stmt.)

⁭ Accounts receivable and payable aging (Corresponding to current business balance sheet)

⁭ Monthly Profit/Loss Projections for 2 years¹

Personal Financials:

⁭ Personal Financial statement(s) (Less than 60 days old for each principal with at least 20% ownership)

⁭ Three years personal Federal income tax returns (Signed and dated by taxpayer, include all schedules and K-1’s)

Affiliate Document ³:

⁭ Three years Federal business income tax returns; signed and dated by taxpayer

Project Documents:

⁭ Construction/Tenant Improvements

o Construction cost breakdown

o Construction contract

⁭ Business Purchase

o List of equipment/inventory

o Business buy-sell agreement

Miscellaneous Documents:

⁭ INS Verification⁴

^{1
Required for new business (less
than 2 years old), also business acquisition and expansion.}

^{2
If applicable}

^{3
Required if
borrower or guarantor has controlling interest in another business.}

^{4
Required if not
U.S. citizen}