How do I upload files to the Underwriting Folder?
If you click on the link to the folder, right-click on a blank space and click "Upload Files." You can also drag files directly into the folder.
Almost any of the information submitted can be changed after the fact. Generally, there will be some paperwork involved to file those changes that will have to be specifically signed by the Signer of the application. Most changes are simply paperwork submissions; although changes like using a different LLC or EIN will lead to a new Underwriting application needing to be filled out (and a new processing account set up).
Our business does not have a phone number set up yet, what do I do?
You can list a cell phone number for now. Once you do get a business number, please contact your Launch Coordinator, and they can change the information listed.
Should the highest projected monthly revenue include cash sales and credit card sales?
It is best practice to include your complete projected monthly revenue (one single number) as it is often unpredictable what portion of your sales are going to specifically be transacted through credit card vs. cash on a monthly basis.
Our business will be changing banks soon, should we wait until we make the switch to provide you with a check?
If you are switching banks after you wish to launch, please provide us with your current bank's check (we can change banks down the road). If you are switching banks before, please provide us with a check when the switch is made.
Can we have more than one Signer?
You can have more than one Signer, but only the Primary Signer can be set as the Guarantor on the account. By adding more Signers, you are essentially just adding an additional person to the account to have access to the account, sign off on various pieces of paperwork that you may need to file (bank account changes being one example) and review the Underwriting Application prior to it being submitted for processing. As a note, between the primary and secondary signers, one of them does need to have 25% or greater ownership.
Why do you require SSNs from the Primary Signer/Guarantor?
The SSNs are required for the Signer/Guarantor as they will have their credit pulled during the application process to verify they do not have bankruptcies or bad-standing credit accounts.
Why do you require SSNs from the Owner(s)?
The SSNs are required for the Owner(s) to verify the identities of all owners of the business as required by the Patriot Act.
What are my options if the Primary Signer doesn't want a personal credit check?
If someone does not want a personal credit check, they can submit Financials in the form of P&Ls and Balance Sheets. These Financials must be for the 2 most recent years (if the business has not existed for 2+ years, this is not an option).
Do you need a front and back copy of the Driver's License(s)?
For the Driver's License(s), it's important for us to have the following info: current mailing address, full name, and signature. It is also necessary for this DL to be valid (not expired).
Can I submit a Passport instead of my Driver's License?
Yes. However, that Passport needs to also come with a current utility bill addressed to you with your current mailing address printed on it.