At Swift Capital Options, we understand that completing loan application forms can be a daunting task. This comprehensive guide will help you navigate through various loan application forms accurately and efficiently, increasing your chances of approval.
General Tips for All Application Forms
Before we dive into specific forms, here are some universal tips:
- Read Instructions Carefully: Each form may have unique requirements.
- Use Black or Blue Ink: Unless specified otherwise, for paper forms.
- Be Consistent: Ensure information matches across all documents.
- Be Honest and Accurate: Providing false information can lead to legal consequences.
- Double-Check: Review all entries before submission.
- Keep Copies: Maintain records of all submitted forms and supporting documents.
Common Sections in Loan Application Forms
Most business loan applications will include these key sections:
1. Business Information
- Legal business name
- DBA (if applicable)
- Business address
- Phone number
- Website
- Tax ID or EIN
- Business structure (e.g., LLC, Corporation, Sole Proprietorship)
- Date established
- Number of employees
- Industry/Nature of business
Tip: Ensure your business name matches exactly with your legal documents.
2. Owner Information
- Name(s) of owner(s)
- Ownership percentage
- Social Security Number
- Home address
- Phone number
- Email address
Note: For multiple owners, be prepared to provide this information for each person with 20% or more ownership.
3. Loan Request Details
- Amount requested
- Purpose of the loan
- Desired term
- Type of loan (e.g., term loan, line of credit)
- Collateral offered (if applicable)
Pro Tip: Be specific about how you’ll use the funds and how it will benefit your business.
4. Financial Information
- Annual revenue
- Net income
- Current outstanding debts
- Monthly rent/mortgage payment
- Other significant financial obligations
Important: These figures should match your financial statements.
5. Bank Information
- Business bank name and address
- Account number
- Contact person at the bank
6. References
- Trade references (suppliers, vendors)
- Professional references (accountant, lawyer)
Advice: Choose references who can speak positively about your business relationships.
Specific Forms and Their Unique Requirements
SBA Loan Applications
SBA loans often require additional forms:
- SBA Form 1919 (Borrower Information Form)
- Personal background information
- Criminal record disclosures
- Previous government financing
- SBA Form 413 (Personal Financial Statement)
- Detailed personal asset and liability information
- Be thorough and include all assets and debts
- SBA Form 912 (Statement of Personal History)
- Required if you answer “yes” to certain questions on Form 1919
- Provides detailed information about any criminal history
Key Point: SBA forms require extensive personal information. Be prepared to disclose details about your background and finances.
Traditional Bank Loan Applications
These often include:
- Business Loan Application
- Similar to the common sections outlined above
- May require more detailed financial projections
- Personal Financial Statement
- Similar to SBA Form 413
- List all personal assets and liabilities
Note: Banks may have their own proprietary forms. Ask for guidance if any sections are unclear.
Online Lender Applications
Often simpler but still require:
- Basic business information
- Connection to business bank accounts or accounting software
- Owner’s personal credit score consent
Tip: Online applications often move quickly. Have all your information ready before starting.
Common Mistakes to Avoid
- Leaving Fields Blank: If something doesn’t apply, write “N/A” instead of leaving it empty.
- Providing Rounded Numbers: Use exact figures from your financial statements.
- Inconsistent Information: Ensure dates, numbers, and other details match across all forms and supporting documents.
- Forgetting to Sign: A missing signature can delay your application.
- Underestimating Loan Purpose: Be clear and specific about how you’ll use the funds.
Supporting Documents
Most applications require additional documents. Common requests include:
- Business and personal tax returns (last 2-3 years)
- Financial statements (balance sheet, income statement, cash flow statement)
- Bank statements (last 3-6 months)
- Business licenses and registrations
- Lease agreements
- Contracts with major customers or suppliers
Pro Tip: Organize these documents in advance to streamline the application process.
How Swift Capital Options Can Assist You
Navigating loan application forms can be complex. Here’s how we can help:
- Form Selection: We’ll help identify which forms are necessary for your specific loan application.
- Application Review: We can review your completed forms to ensure accuracy and completeness.
- Document Preparation: We’ll assist in gathering and organizing all required supporting documents.
- Clarification Support: If you’re unsure about any questions, we can provide guidance and clarification.
- Submission Assistance: We’ll help ensure your application package is properly submitted to the lender.
Your Next Steps
Ready to start your loan application? Here’s what to do:
- Gather all necessary business and personal financial information.
- Review the specific requirements for the loan type you’re pursuing.
- Begin filling out the application forms, using this guide as a reference.
- Collect all required supporting documents.
- Contact Swift Capital Options for a review of your application before submission.
Remember, a well-prepared and accurate loan application is crucial for securing the financing your business needs. Taking the time to complete these forms correctly can significantly improve your chances of approval.
Are you ready to take on your loan application with confidence? Reach out to Swift Capital Options today. Let’s work together to ensure your application is thorough, accurate, and positions your business in the best light possible. With our expertise guiding you through the process, you can approach your loan application with clarity and assurance. Your business’s financial future is important – let’s make sure your application opens the door to the funding you need!
