Lenders will require personal information about all persons who own an interest in the business and about those who may be prepared to guarantee the loan (in this chapter, both referred to as the “owner.” The personal information is needed for the lender to assess these people’s eligibility as participants in the business as per the lender’s credit policy and to evaluate their contributions to the business and credit.
The information covers a broad range of facts relevant to borrowing ability as well as a confirmation of identity and background. Certain disclosures could result in further consultation by the lender concerning specific events or records. The information required includes:
• Full owner name(s). As simple as it may ...