Important Documents
Below is a list of common documents that an Area Loan Organization or your Local
Lender may request when working on your loan. It is a good idea to keep current
copies of these documents, possibly in a folder or binder that you can give to your
lender or economic development agency. Often, the time required to complete
the application process on a loan can be shortened if these documents are kept neatly
together and are readily available.
• Complete (all statements and notes) fiscal year end financial statements
(prepared by an independent certified public accountant) for the prior three years,
interim and one year projections may also be required. Parent companies of
applicants must also submit financial information.
• Start-up businesses must submit a complete set of projections (3 years prepared
by an independent certified public accountant) with all assumptions listed.
Balance sheet, Profit & Loss statement, and cash flow statements must be included.
• A signed and dated personal financial statement (PFS) for any principal.
A principal is any individual having ownership of 20% or more in the business.
Do not include a joint PFS if only one spouse has an ownership interest in the business.
• The ownership breakdown of the business; list names and the respective percentage
of ownership, social security number or FEIN.
• If the project contemplates bank financing and the bank is requiring a first
or participating first lien, the application must include a firm bank commitment
letter or the application will not be accepted.
• List of the equipment or machinery that is part of the project reflecting
the cost for each piece of equipment, as well the cost for installation, shipping,
or other necessary work involved in the project. (Appraisals may be required
for the purchase of used equipment.)
• Brief profile of the company: date founded; state and date of incorporation;
product description; three major customers and percentage of total sales to each;
total number of customers; and resumes of the principals/management.
• If the business or an affiliate received a previous state/federal loan, include
the loan number, date of approval, amount and status.
• Include a statement reflecting the number of full time jobs to be retained
and/or created within 3 years at the project site.
• A completed W-9 form
• If Ag or Tourism Loan under First Industries, also include Exhibits A and
B required by First Industries guidelines.
Exhibit A: A description of the project to be funded by the loan,
including a statement of the anticipated economic impact to the Commonwealth and
the host municipality as a result of the project, a detailed statement of the total
project cost and the impact, if any, on prime farmland.
Exhibit B: An additional description of the project which discusses
one or more of the following (if applicable): (a) the readiness of the project to
proceed; (b) how the project will positively impact economic conditions in an economically
distressed area of the Commonwealth; (c) how the project will leverage significant
local matching funds; (d) how the project demonstrates partnerships between private
sector corporations and public sector and/or non-profit organizations; (e) the adherence
of the project to sound land use principles; (f) why the project requires public
financial assistance to move forward or to be competitive with similar projects
in the region; and/or (g) if the project is working in conjunction with other programs
promoting urban and rural supermarket development, including, but not limited to,
the Fresh Food Financing Initiative.