USDA Business & Industry (B&I;) Loan Checklist

1. Short summary of business history and current operations.
2. Signed current (within 60 days) personal financial statement for each business owner; include schedule and description of all assets, liabilities and contingent liabilities.
3. Signed copies of personal Federal income tax returns for past three (3) years on individuals who own 20% or greater in the borrowing entity.
4. Signed Authorization for Credit/Background Inquiry on each owner.
5. Historical financial statements (independently audited, if available) on the borrower and any affiliated entities, to include annual income statements, balance sheets, and cash flow statements, with accountant notes, as well as the current interim financial statements dated within 60 days of loan application.
6. 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.
7. Projected balance sheets on the borrowing entity for the first three (3) years, plus income statement projections for three (3) years; operating projections should include monthly spreads of income and cash flow for first year, and annually thereafter.
8. Breakdown of use of proceeds for the proposed USDA loan.
9. Projected capital expenditures for the borrowing entity for the first year of operations.
10. Project feasibility study – required for all start-ups and certain existing businesses.
11. Current full narrative real estate appraisal prepared by a qualified appraiser that will be engaged by BCI.
12. Environmental Phase I report for project site prepared by a qualified engineering firm that will be contracted by BCI.
13. Detailed breakdown of project costs, to include building construction or acquisition costs, equipment to be purchased, debt to be refinanced, working capital, and loan closing costs.
14. Resumes of all owners and key managers of the borrowing entity.
15. Breakdown of job classifications with anticipated pay grade for each class and expected number of employees in each class.