Best Practices
This is the Mnium ownership percentage a client must have for use to collect there information on a business loan application.
What is 25%
"This product would be a great way for startup business to establish business credit with Truist."
"What is business credit card"
"Before generating a loan package, teammates must make sure this date matches the date the client is signing the loan documents."
"What is the closing date?"
"When a client says they don't have the tax returns needed for a business loan, a leader should do this.
"What is explain the requirement and guide the client on acceptable alternative?
"Clients with this type of business checking account are eligible for a 0.25% interest rate discounted on a business loan."
"What is a Dynamic Business Checking account?"
This is the mnium number of years of tax returns a client maybe required to provide.
"What are two years"
"This type of business loan requires an appraisal, and in the state of South Carolina, an attorney must assist with the loan closing."
"What is commercial real estate loan?"
"What is Disbursement?"
If a client discloses a low credit score such as 550, this is something you should NEVER do when they want to apply for a loan.
What is deter them from applying?
"These type of clients must typically be in operation for at least 10 years before qualifying to pursue lending options."
"What are nonprofit organization"
This document must be dated and sign before a business a loan can be processed.
"What is a loan application"
"This flexible business lending product allows client to borrow, repay, and borrow again as needed-making it a strong option for working capital or business expansion."
"What is a business line of credit?"
"If a client cannot come into the branch to sign their completed business loan application, this is the alternative method they may use to provide their signature."
"What is e-sign"
"This key detail helps lenders understand how the financiering will be used and ensure the right loan product is offered."
"What is the purpose of the funds (or loan)?"
"To capture a clients assets, liabilities, income and expenses, this document must be completed as part of the underwriting process."
"What is a personal Financial statement?"
As part of best practices teammate should review this information to confirm the client is in the correct business segment before proceeding with loan
"What is the client annual sale"
"This type of business loan may not require financials, since it collateral-based, provide the client meets specific credit criteria."
"What is an equipment or vehicle loan?"
"Before Submitting a business loan application, this form must be current to avoid an error message in Sprint."
"What is the Business Resolution/Beneficiary Certification Form."
"If a client applies for a business loan as an LLC but has not formally registered, the lender will find this out by checking with this office'"
"What is the Secretary of State?"
"This recourse is located on the source to help gain knowledge on business lending."
"What is task?"
"As a part of best practices in business lending teammates should review both of these reports to capture outside assets and liabilities."
What are the client's personal credit report and business credit report?"
"This loan product is designed for clients with a one-time small business lending need, $2,000,000 or less in annual sales, and 250,000 or less in borrowing needs."
"What is a Simple Business Loan (unsecured)?"
"This form must be fully completed and signed for all unsecured small business loan requests, regardless of state, region or amount.
"What is the 4506-C form?"
"A client reports $300,000.00 in annual sales last year but also $250,000.00 in losses. As a teammate is the professional and ethical way to explain how their net income affects the loan decision."
"This is the resource teammates should use to locate outstanding or incomplete loan documents that must be sent to loan fulfillment.
"What is Lien Perfection SharePoint site"?