Credit
Minimum FICO score
What is 640?*
3 requirements for a CORE Start-Up Loan
What is a secondary source of income, real estate to cover the loan and management experience
The business needs to be located in
Type of business that files a Form 1120
What are Corporations?
Standard MRDs for CORE (HINT: 7 items)
What are:
1) Completed Application
2) 2 years of business tax returns
3) 2 years of personal tax returns
4) Personal Financial Statement
5) Business Debt Schedule
6) Business Debt Schedule
7) Interim Financials - P&L and BS
Minimum GDCR for a term loan
1.25x
Additional MRDs for a Start-up (HINT: 6 items)
What are:
1) business plan
2) owner's resume
3) 2-year projections (month by month)
4) Draft Lease of the business location
5) verification of equity injection
6) breakdown of start-up costs
What is $150,000?
Type of businesses that file a Form 1065
What is an LLC?
CRE Purchase MRDs
What are:
1) standard MRDs
2) LOI/Draft Purchase Agreement
3) Amount of Equity Injection
Minimum GDCR for a CRE loan
1.15x
Minimum equity injection
10% of the start-up costs
The main difference between the Colorado Start-up Loan Fund and CORE Start-up Loan
What is no real estate need as collateral?
Type of businesses that file on the personal tax returns (1040s)
What is a sole prop or single-member LLC?
Inventory/Equipment Purchase MRDs
What are:
1) Standard MRDs
2) Equipment/Inventory invoice or quote
3) Verification of equity injection
Minimum GDCR for a Non-Revolving Line of Credit
1.15x
A "workaround" if the applicant doesn't personally own real estate
Interest Rate
What is WSJ Prime + 4%?
Deadline to file prior year tax returns (without extensions)
What is March 15?
Debt Refinance MRDs
What are:
1) Standard MRDs
2) Debt to be refinanced listed on the business debt schedule
Minimum down payment for a fixed asset purchase (i.e., equipment, vehicles, etc.)
20%
Requirements to do a start-up with the SBA
SBA approved franchise with a start date as an eligible franchise greater than January 2018
Allocation of funds available
What is $1.5MM?
What is 9/15 and 10/15?
Business Acquisition MRDs
What are:
1) Standard MRDs
2) 3 years of the seller's tax returns
3) Interim financials from the seller - P&L and BS
4) Offer Letter/LOI/Draft Purchase Agreement
5) Management Resume
6) SWOT/ Business Plan/ Business Summary
7) Amount of Equity Injection