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Project

  • Fully complete and signed SBA loan/consent application.
  • Copy of signed purchase agreement for land and/or building.
  • Copy of Sworn Construction Statement including construction bids.
  • Copy of equipment list (purchase invoices).

    Business

  • History and description of the business (business plan).
  • Current balance sheet and income statement (accrual basis) for the Operating Company (OC). Must be within 90 days of the application date.
  • Accounts receivable and accounts payable aging reports corresponding with current balance sheet.
  • Debt schedule, corresponding with current balance sheet, detailing all obligations for the OC.
  • Last three fiscal year-end balance sheets and income statements (accrual basis) and completed signed copies of past three years' income tax returns for the OC.
  • Request for IRS transcripts (SBA Form 4506T for OC and owners).
  • Any business in operation less than two years must provide two years of projections of earnings, including a description of assumptions, showing the effect of the proposed project plus a month-by-month statement of cash flow.

    Business Misc.

  • Filed copy of Articles of Incorporation and By-laws, and/or Partnership Agreement and/or Limited Liability Company Organizational documentation or Certificate of Assumed Name
  • Employer identification number/Tax identification number for the real estate holding company and/or OC.
  • Names, addresses and last two fiscal year-end financial statements or tax returns of any subsidiaries and/or affiliates, if applicable. Copy of signed franchise or dealer agreement, if applicable.
  • Copy of new lease between OC and real estate holding company, if applicable (sample lease which satisfies SBA requirements).

    Personal

  • Signed Personal financial statements (including spouse) (SBA Form 413; not more than 90 days old from application date)
  • Complete and signed copies of the past three years tax returns, including all W-2's, schedules and K-1's from all owners of the OC.
  • Resumes of all officers and key management of the OC.
  • Personal history statements (SBA Form 912) from all officers of the OC.
  • Assignment of life insurance policy as collateral on key owner(s) of the OC.

    Lender

  • Sample Bank Commitment Letter with Credit Elsewhere Statement from first mortgage lender.
  • Credit reports for all owners.
  • Business credit report for the OC.
  • Copy of lender's credit memorandum.
  • Appraisal of project (NOTE: this must be ordered by participating lender and must include CMDC and U.S. Small Business Administration in the reliance statement).
  • Environmental investigation: Phase I or a Phase II (which must include a reliance letter to CMDC and U.S. Small Business Administration) or an environmental questionnaire and records search with risk assessment.
  • Itemization of soft costs (include professional fees, contingencies and interim interest).





    Central Minnesota Development Company [CMDC]
    1885 Station Parkway NW, Andover, MN 55304
    (763) 784-3337 | Fax (763) 784-3338