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Started By
Message
1
Posted on 5/26/21 at 9:28 am to Honest Tune
quote:I can. They basically want something written that states that the board met before the loan was accepted, and agreed to the terms of the loan. I'm in the same boat as you. I hold every executive position from President down to Secretary.
Can you touch on this a bit? I wasn’t sure what sort of document this needed to be. I’m a small biz and basically I’m the “board”.
Posted on 5/26/21 at 10:50 am to greygoose
^^^^
I'm not on the computer with the folder that I have my resolution stored on. I can post it later.
I'm not on the computer with the folder that I have my resolution stored on. I can post it later.
Posted on 5/26/21 at 12:52 pm to greygoose
Thanks goose
Posted on 5/26/21 at 1:09 pm to Honest Tune
We had to recraft our letter today. They are very specific about the language of the letter. They specifically want the title after every appearance of your name and require the other language in the letter. This one should get approved. If I have to modify it at all I'll pass the information along.
Additionally, you have to have an insurance clause insuring your business assets up to 80% of their value.
ETA: We are at the compliance stage of the loan so once this passes I believe we are close to funding. You are also to write your title after your signature.
Additionally, you have to have an insurance clause insuring your business assets up to 80% of their value.
quote:
To whom it may concern,
On May 25, 2021, (Principal signee) (Member-Manager) and (other member) (Member) met and chose to request an EIDL loan modification of up to $XXXXXX. We approve a board resolution for this loan to be taken on by (insert company name here). (Principal signee) (Member-Manager) is designated as the signatory on the loan and to sign the loan documents and authorizes the request for the modification of the loan up to $XXXXXX upon completion of the loan modification. (Insert company name here) accepts the SBA EIDL Loan for up to $XXXXXX.
Our EIDL application number is XXXXXXXXXX and our loan number is XXXXXXXXXXX. Thank you for considering our request.
Regards,
ETA: We are at the compliance stage of the loan so once this passes I believe we are close to funding. You are also to write your title after your signature.
This post was edited on 5/26/21 at 1:15 pm
Posted on 5/26/21 at 3:21 pm to VABuckeye
We did all of this for the first EIDL loan round, did you guys have to do it again or did they not request it the first time?
Posted on 5/26/21 at 3:50 pm to ithad2bme
They requested it after I was funded last year, but I still haven’t handled it. I will now and hopefully that speeds up the process.
Posted on 5/26/21 at 3:51 pm to VABuckeye
quote:
VABuckeye
Thanks for posting that.
Posted on 5/26/21 at 4:36 pm to ithad2bme
quote:
We did all of this for the first EIDL loan round, did you guys have to do it again or did they not request it the first time?
The information requested is much more specific than it was the first time around. This is probably because of the increased loan amounts requested. My letter of resolution and insurance coverage did not pass compliance for the second round of funding.
Posted on 5/27/21 at 11:17 am to Honest Tune
The board resolution I post above was approved so use that for a template.
I just supplied the final insurance document that was requested and it's being sent to legal for review. That should be our last step. I will say that my SBA loan officer has been extremely responsive and helpful.
Fingers crossed that we get final approval soon and fund shortly afterwards.
I just supplied the final insurance document that was requested and it's being sent to legal for review. That should be our last step. I will say that my SBA loan officer has been extremely responsive and helpful.
Fingers crossed that we get final approval soon and fund shortly afterwards.
Posted on 5/27/21 at 11:41 am to VABuckeye
That’s awesome, good luck to you and yours!
Posted on 5/27/21 at 11:42 am to Honest Tune
You will get a phone call at some point! I did it when they asked for it, 6 months ago, but there server's rejected my email. I didn't catch that. Last month, I got a call from a paralegal with the SBA, wanting that immediately.Posted on 5/27/21 at 2:03 pm to VABuckeye
quote:
The information requested is much more specific than it was the first time around. This is probably because of the increased loan amounts requested. My letter of resolution and insurance coverage did not pass compliance for the second round of funding.
We emailed the loan officer who handled our first round and had requested these items previously to see if they needed to be updated for round 2. We were told only the amounts needed to be updated, and were told if we could update and send back she would get them updated in the system.
If you had someone you were communicating with before, you may try to reach out to them to expedite getting your information updated and things moving forward.
Posted on 5/27/21 at 2:18 pm to ithad2bme
Done!! Just got the call that all of our documents have been accepted and our loan is approved. I am pumped.
Posted on 6/3/21 at 8:10 pm to VABuckeye
Any new news here for anyone? Anybody been funded yet?
Posted on 6/3/21 at 8:18 pm to Im4datigers
Not yet. Hoping it's soon.
Posted on 6/4/21 at 7:36 am to Im4datigers
quote:Ha! I called the other day and was told they still didn't have my tax transcripts from the IRS. It's been over 6 weeks since they requested them!
Any new news here for anyone? Anybody been funded yet?
Posted on 6/4/21 at 8:08 am to greygoose
Have you been told that your loan is approved pending funding?
Posted on 6/4/21 at 10:57 am to VABuckeye
quote:
Done!! Just got the call that all of our documents have been accepted and our loan is approved. I am pumped.
I didn't see this the other day. Congrats!
I'm still waiting on "the call"
Posted on 6/4/21 at 12:41 pm to shawnlsu
Thanks. Hope you get your call soon.
Fingers are crossed that we fund very soon.
Fingers are crossed that we fund very soon.
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