Eligibility, size classification, minority ownership, debt service coverage, goodwill... ..... Bureaucratic and lender jargon. What is important?

Check List For Property Acquisition
(Existing Business)

1- Description of Property
2- Appraisal (if available)
3- Environmental Report (if available)
4- Last Three years Financial Statements & Tax Returns (IRS 1120' s) for existing business.
5- Recent Interim Financial Statement (within 30 days)
6- Personal Financial Statement of Borrower
7- Personal Tax Returns (IRS 1040's) for each Principal (>20 % ownership) for Last Three Years.

Check List For Equipment Acquisition
(Existing Business)

1- List of equipment being purchased
2- Appraisal (if available)
3- Three years Financial Statements & Tax Returns (IRS 1120' s) for existing business.
4- Recent Interim Financial Statement (within 30 days)
5- Personal Financial Statement of Borrower.
6- Personal Tax Returns (IRS 1040's) for each Principal (>20 % ownership) for Last Three Years.

Start-up Business

1- List of assets (property/equipment) being purchased
2- Appraisal (if available)
3- Three years Financial Statements (Projection)
4- Personal Financial Statement of Investor.
5- Personal Tax Returns (IRS 1040's) for each Principal (>20% ownership) for Last Three years.
6- Personal Investment.
7- Use of Funds Breakdown
8- Total Loan Request.

"Buying an Existing Business"

1- List of assets (equipment/property) being purchased
2- Appraisal (if available)
3- Last Three Years Financial Statement & Tax Returns (IRS 1120's) for existing business.
4- Recent Interim Financial Statement (within 30 days)
5- Personal Financial Statement of Borrower.
6- Personal Tax Returns (IRS 1040's) for each Principal (>20 % ownership) for last Three Years.
7- Use of Funds Breakdown
8- Total Loan Request.
9- Buyer Investment.