Credit Explanation for SBA Loan Application

______

(Owner name(s))

______

(Business name)

______

(Loan ID #)

Greetings: While considering my loan application, pleasereviewthe following:

I. Negative Credit Explanation (all derogatory items within 7 years, now or in the past, whether paid or not):

Name of Companies Kind of Account Description

(credit card, car loan, etc.) (30, 60, 90 days delinquent,

or collection. Include $ owed)

1.

2.

3.

4.

5.

6.

7.

Describe in detail the situation—use the same reference numbers above (for example, disputed, unauthorized, improper charge, paid, health issue, co-signer, ID theft, divorce, economy, unforeseen financial difficulties, in the military, etc.):

1.

2.

3.

4.

5.

6.

7.

Additionalcomments, including steps taken, if any, to correct inaccurate items (describe):

II. Credit Card Balances (if high or close to limits)

  1. List of credit cards and account #’s used for business purposes:
  1. Describe the business expenses paid for by these credit cards (be specific as to what was purchased, when, approximately how much, and the purpose):
  1. If credit card company has arbitrarily reduced available credit limits to your balance, describe (including whether you had paid on time):

III. Special Issues or Additional Comments:

____ Backup attached. As an email attachment, I have included additional documentation (e.g. correspondence, dispute letters, complaints made due to inaccurate items, receipts, identity theft paperwork (if extensive, please mail), proof of payment, payment history, online confirmation of payment, payment arrangements, summaries, etc.)

Thank you for your consideration.

Dated: ______

(Name of Applicant)

Instructions

Getting a free credit report:

You if you already have a credit report in your file that is only a couple of months old, use that. To get a credit report on the Internet (never ask for it to be mailed as it takes a substantial period of time) go to either 1) (report only) or 2) Quizzle.com(score and report).

Fill-out the form:

This form is in Word format (Margins:Top—0.7” ; Bottom—0.2”; Left and Right—1”) and you can edit, delete, or add at-will. Delete any blank spaces or blank numbers not used. For example, there are spaces for 7 different creditor companies. If you are only discussing 2, you would delete numbers 3 through 7 and their unnecessary spaces. Remember—the more detailed the explanations the better.

Email or fax back to us:

There is no need to send a copy of the credit report. Scanthis form into your computer as an attachment and email to:. In the subject box of the email put in: “Cliff--new application.” Or fax to: (925) 831-3217 (no cover letter needed).

Questions? Give us a call at: (925) 899-8449. Ask for Cliff.