Application Checklist

All items must be submitted to constitute a complete application package.

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All items must be submitted to constitute a complete application package.

Incomplete loan applications will not be submitted for underwriting.

Failure to complete the following items can and will delay the loan approval process.

    • Loan Application

*
    • Underwriting Checklist*
    • Business Plan or Executive Summary – Businesses with an operating history of less than 3 years require a complete business plan
    • Statement describing intended use of loan – Invoices and estimates including contractor proposals
    • Resumes of management team members and/or officers
    • Company tax returns for the last 3 years
    • Historical Financial Statements for the last 3 years – (Balance Sheet, Profit and Loss Statement, Accounts Receivable and Aging Report)
    • Interim Financial Statements no more than 45 days old – (Balance Sheet, Profit and Loss Statement, Accounts Receivable and Aging Report)
    • Projected Sales and Expenses for 24 months – Include detailed assumptions to support the projections
    • Copy of Lease Agreement (if applicable) – Letter of Intent is acceptable with draft agreement
    • Contract of Sale (if applicable)
    • Personal Tax Returns for the last 3 years – All owners with 20% or more ownership interest and loan guarantors
    • Copy of Pertinent Contracts and Agreements – Include franchise agreements
    • Loan Processing Fee – All processing fees are non-refundable
    • Credit Report for each guarantor – No more than 30 days old
    • Certificate of Good Standing (for Business Entity) – No more than 30 days old
    • IRS 4506T Form* – Complete a form for the guarantors. If taxes are filed jointly, the joint filer must sign form. Complete a form for the business entity.
    • Personal Financial Statement and History* – All owners with 20% or more ownership interest and loan guarantors. Even if they do not have an ownership interest in the company, if assets are owned jointly with a spouse, the spouse must also sign the form. If assets are owned separately, the spouse must complete a separate form.

* Forms are available by fax or online at www.fscfirst.com.

** Please note that ALL financial statements and tax returns must be signed and dated in blue ink with original signatures. A “Principal” is any person who owns 20% or more of the business.
DISCLOSURES:
1. This Universal Loan Application checklist contains the minimum required documentation for any/all loans processed by FSC First.
2. FSC First does share documents with resource and lending partners for the sole purpose of obtaining a loan approval.
3. Additional application items may be requested during the underwriting, approval and closing process.
4. FSC First is a 501c(3) nonprofit, Community Development Financial Institution and is not an agency of the Prince George’s County government.