Best Pratices
This is the minimum ownership percentage a client must have for us to collect their information on a business loan application.
"What is 25%?"
"This product would be a great way for start-up businesses to establish business credit with Truist".
"What is a 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 or other
"Clients with this type of business checking account are eligible for a 0.25% interest rate discount on a business loan."
"What is a Dynamic Business Checking Account?"
"This is the minimum number of years of tax returns a client maybe required to provide for a business loan."
"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?"
"This task must be completed and reviewed before any client loan can be funded, whether it's branch funded or centralized."
"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 types of clients must typically be in operation for at least 10 years before qualifying to pursue lending options."
"What are nonprofit organizations?"
"This document must be completed, dated and signed before a business 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 financing will be used and ensure the right loan product is offered."
"What is the purpose of the funds (or loan)?"
To capture a client outside 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, the teammates should review this information to confirm the client is in the correct business segment before proceeding with a loan"
"What are the client's annual sales?"
"This type of business loan may not require financials, since it is collateral-based, provided 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."
"If a client applies for a business loan as an LLC and has not formally registered, the lender will find this out by checking with this office."
"What is the Secretary of State."
""This resource 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 clients 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 in annual sales last year, but also 250,000 in losses. As a teammate, this is the professional and ethical way to explain how their net income affects the loan decision."
"What is explain clearly and respectfully that the client's net income ($50,000) is what underwriter consider for the loan decision while acknowledging their total sales and guiding them on options or next steps."
"This is the resource teammates should use to locate outstanding or incomplete loan documents that must be sent Loan Fulfillment."
"What is Lien Perfection Share Point site?"