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
"Ms. Smith has owned and operated ABC hair for the past 7 years, specializing in women's haircare and styling. She's asking for a one-time request to borrow 25,000 for the purpose of renovating her existing salon location. This renovation will include upgrading salon chairs, install new lighting and upgrade the reception area to enhance client experience."
"What is Commentary for Simple Business Loan"
"This is the minimum number of years of tax returns a client maybe required to provide for a business loan."
"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?
"Ms. Johnson has successfully owned and operated Bright Futures Academy, a licensed childcare facility, for the past 9 years. She is requesting funds to support working capital needs and provide flexibility for ongoing operations. This loan will be a solution to manage payroll and unexpected expenses."
"What is a Business Line of Credit Commentary"
"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 financiering will be used and ensure the right loan product is offered."
"What is the purpose of the funds (or loan)?"
"Mr. Farmer, owner Elite Cleaning Services, has been utilizing his personal vehicle for business operations, including, including transporting equipment and traveling to client sites. The client is requesting 32,000 to refinance the vehicle under the business name. This will support operational efficiency and enhance the professional image of the business."
"What is Business Auto Loan Commentary"
"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."
"Ms. Smith has owned and operated ABC hair for the past 7 years, specializing in women's haircare and styling. She is requesting to borrow 25,000 for the purpose of renovating her existing salon location. This renovation will include upgrading salon chairs, install new lighting and upgrade the reception area to enhance client experience."
"What is Commentary for Simple Business Loan"
"This supporting document can help clarify derogatory comments on a credit report and show the debt was satisfied, potentially improving loan approval chances."
"What is a client-provided letter of explanation or proof of debt resolution?"
"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 underwriters consider for the loan decision while acknowledging their total sales and guiding them on options or next steps."
Average time since accounts opened is too recent
Balances on accts too high compared to credit limits and loan amounts
Too many recent delinquencies
Too many accounts recently opened
Too many delinquent or derogatory accounts
Too few accounts recently paid as agreed
Delinquent or derogatory account
Too few accounts paid as agreed
Oldest account was opened too recently
Delinquent or derogatory status on accounts is too recent
Balances on delinquent or derogatory accounts are too high
Total of credit limits and loan amounts is too low
"What are examples of denial of credit."