CREDIT HISTORY
- The business and its principals must have satisfactory history of meeting debt obligations in a timely manner.
- Credit checks will be performed.
- Prior bankruptcy does not immediately deny requests.
CASH FLOW
- The business must show adequate cash flow, historical and/or projected, to service the entire debt.
COLLATERAL
- Collateral and personal guarantees are required for the particular loan request.
MANAGEMENT
- The business must demonstrate that it has experienced and adequate management to operate the company successfully.
BUSINESS PLAN
- For start-up and new-to-market business; a Business Plan is required, including financial projections supported by assumptions.
INSURANCE
- Hazard insurance must equal the value of the assets pledged.
- Life insurance assignments are generally required on owners or key management personnel.
FEES
- The borrower must pay all legal fees and any other closing costs.