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Page 1. Signer Information – Fill out owners Name & Email Address
If you have a partner, enter their Name & Email in the field Owner/Officer 2 on the PowerForm Signer Information Page. After you complete the application, they will receive an email with the completed application to fill in their personal information & sign. Once the 2nd owner hits finish, the completed application will be automatically sent back to us.
Page 2. Application – Fill out & Sign
Before you hit Finish – you can attach & upload your Three (3) most recent Business Bank statements & other documents using the paperclip icon – found in the bottom right corner of the application. Or you can email the documents directly to your funding advisor or email@example.com.
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Documents Required for UPWISE PRODUCTS
The best strategy to follow before you apply for these loans is to be prepared. The more readily available your documentation is, the faster you’ll move through the process.
The following is a checklist of the most commonly collected documents. It can be very helpful to work with your accountant or tax preparer to gather some of the financial documentation.
Talk with your dedicated Upwise funding advisor, to see which documents you will need for the product you are apply for.
You invoices that you are seeking financing against, must be from good and credible businesses. In most cases, they need to be paid within 90 days.
Upwise marketplace banks require the previous 2 years of business and 1 year of your personal income tax returns.
Also known as an “Income Statement,” a Profit and Loss Statement measures a company's financial performance over a specific period of time. This statement includes all revenue and expenses over a given period.
We require at least 6 months of your business bank statements. If showing more gives us a better picture on how your business performs, feel free to send us a full year of statements. You may have more than one business bank account, so please make sure to include these statements for each account.
These can include entity and location documents such as business licenses, Articles of Incorporation, commercial leases, or franchise agreements.
Tell us about the equipment your interested in. It can be anything from heavy machinery, trucks, signage, computers, supplies and everything in between.
A lot more than you would think, can be considered equipment. If you are not sure, just ask us!
Provide us a quote or invoice - from the vendor or private party for the equipment you want to purchase.
In this case the collateral used here is your Account Receivables. We will require an Aging A/R Report showing the account receivables owed to your company over the next 90 days.
A Personal Financial Statement is required from each individual owning 20% or more of the company.
This statement provides an overall financial snapshot of your small business. As an equation, it looks like: Assets = Liabilities + Equity. The two sides of the equation must balance out to equal each other.
Most banks require some type of collateral. For Upwise banks, collateral required depends on the SBA loan size. If you apply for a loan through a Upwise marketplace bank for $30,000 to $350,000, a lien on business assets is required by our bank partners. This includes assets such as accounts receivable or inventory, as well as fixed assets such as new equipment purchased with loan proceeds or commercial real estate owned by the business. The value of these assets does not need to equal the loan amount you are requesting.
If you apply for a commercial real estate loan of $500,000 or more, the property you are refinancing or purchasing will be the collateral for the loan and a first lien on the real estate is required. Based on the appraised value, you must have at least 10% - 20% equity in the real estate for a refinance or put 10% - 20% down for a purchase of the real estate.
To ensure all of your information is correct on the contracts, we require a clear copy of you DL & VC to verify this information.
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