Business Accounts

Before opening your new account, our Business Account experts will need a few documents. These include:

• Each owner with 25% (if applicable) or controlling manager: name, address, date of birth, SSN or Tax ID number, citizenship info & ownership percentage
• E-mail address and phone number
• U.S. address and owner establishment rate
• Legal name of business and type of business
• Business Entities & Organizations established in and in good standing with the Commonwealth of Kentucky
• Licensed to do business within Service One's Trade Area

Credit unions have members who are also owners. These members have voting power and receive dividends in many cases. Banks have clients, usually with limited or no voting power.
From a lending standpoint, credit unions and banks have very similar processes. Credit unions believe in the importance of relationship lending and supporting their local communities – they often fund business loan opportunities through a syndication model to manage their risk and regulatory lending cap.

Once the application and complete loan package have been submitted, the approval process generally takes 2 to 3 business days and 30 to 45 days to finalize the loan closing.

The fees charged on our business loans are generally comprised of an application fee, a loan origination fee, and the standard industry third-party fees like title, appraisal, and environmental. Non-real estate transactions will oftentimes not require a title, appraisal, or environmental expenses.

Generally, those individuals who own 20% or more of the borrowing entity must sign personally on the business loan. This may vary depending upon the transaction type and the ownership structure.

Conventional Loan requirements include:

• Two Years Business Tax Returns
  This includes the borrowing entity as well as any affiliated company in which you/your partners own at least 20%.
• Two Years Personal Tax Returns (for any principle owner 20%+)
• Most recent interim financials, if available
• Rent Roll/Cash Flow Projections/Pro-forma Financial Statements for the property if available
• Signed leases and financial information on the tenants if available
• Any Purchase Contract Addendums
• Current Personal Financial Statements (PFS) for all partners. If you already have a PFS, please attach and sign/date the attached one as well (on our form), but we can use the one you already have as the supplement.
• Business Debt Schedule (attached in the application) for all business related debt for all partners. Each person can fill out one as applicable.
• Management Resume/bio for all owners (you can either use the form in the application or attach resume)
• Any details on the ownership structure, including the Operating Agreement and Articles of Incorporation.

Note: This is a general list, dependent on the type and complexity of each transaction, and are subject to change.