USDA Business and Industry (B&I) Loan Checklist

Instructions: The USDA B&I Loan Preliminary Information Request is a PDF file. Please print the Loan Preliminary Information Request, fill in the required information, and attach a brief description of collateral being offered to secure the loan, historical financial statements (as explained below), and personal resumes. The file requires the following information to be filled or attached:

1. Signed current (within 60 days) personal financial statement for each business owner; please include a schedule and description of all assets, liabilities and contingent liabilities.
2. Signed authorization for a credit and background inquiry on each owner; this can be found here.
3. Breakdown of use of proceeds for the proposed USDA loan.
4. Description of collateral being offered to secure the loan.
5. Historical financial statements (independently audited, if available) on the borrower and any affiliated entities, to include: annual income statements, balance sheets, cash flow statements (with accountant notes), and the current interim financial statements dated within 60 days of loan application.
6. Resumes of all owners and key managers of the borrowing entity.

Send your completed preliminary information to us via fax, mail, or walk-in.

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BCI Lending will contact you within 48 hours of receiving your information listed above to discuss our interest in your loan. After a proposal/term sheet is issued, you may begin to gather the remaining pieces of information, listed below, in order to move along into final qualification.

1. Short summary of business history and current operations.
2. Signed copies of personal federal income tax returns for the past three (3) years on individuals who own 20% or greater in the borrowing entity.
3. A CPA prepared at-inception balance sheet for the borrowing entity showing the proposed distribution of assets, liabilities (to include the proposed USDA loan), and tangible balance sheet equity.
4. Projected balance sheets on the borrowing entity for the first three (3) years and income statement projections for three (3) years; operating projections should include monthly spreads of income and cash flow for first year, and annually thereafter.
5. Projected capital expenditures for the borrowing entity for the first year of operation.
6. Project feasibility study (required for all start-ups and certain existing businesses).
7. Current, full narrative real estate appraisal prepared by a qualified appraiser that will be engaged by BCI Lending.
8. Environmental Phase I Report for project site prepared by a qualified engineering firm that will be contacted by BCI Lending.
9. Detailed breakdown of all project costs, to include: building construction or acquisition costs, equipment to be purchased, debt to be refinanced, working capital, and loan closing costs.
10. Breakdown of job classifications with anticipated pay grade for each class and expected number of employees in each class.