The Business Loan Application can be presented to a bank or other financial institution to help your business obtain a loan. The application provides the potential lender with information relevant to the business and its financial status so that the lender can assess the credit worthiness of the business and decide whether to make a loan. The application does not represent a contract and is not a binding agreement. However, care should be taken to assure the accuracy of all information presented in the application. A lender will rely on this information when evaluating whether or not it should extend credit, and misleading or false statements could expose your business to liability for providing information that was a misrepresentation of the truth. The application includes information on the general operations of the business, the identities of key owners and members of management, the amount and type of loan requested, and possible repayment terms. Optional provisions include the listing of guarantors of the loan and references regarding past credit transactions. The application can also produce a separate letter authorizing the lender to verify information listed in the application. |