Commercial FAQs

What will I need when applying for a commercial or farm loan?

• Business Name - Including legal name and assumed name, if any.
• Type of Business - (e.g., Individual, LLC, S Corp, Non-Profit, Partnership, etc.) Make sure to include proper documentation, such as federal and state tax ID numbers.
• Brief Description of Plan - Provide start-up cash flow and financial projections for 12 months, if possible.
• Requested Loan Amount.
• List the Purpose of Funds - (e.g., real estate, new construction, addition, equipment, etc.) Contractor quotes or purchase estimates will be needed.
• Type and Source of Equity for Project.
• List of Collateral - If collateral will be real estate, an appraisal and title opinion will be needed. (First Farmers Bank & Trust will order these.)
• Additional items that we will need:
  • New Business
    • Valid driver’s license.
    • Personal financial statement of each business owner or officer.
    • Background of experience, relative to requested loan, of each business owner or officer.
  • Existing Business
    • Tax returns for the past 3 years.
    • Financial statements of the past 3 years.
    • If business is incorporated, we will need copies of the following:
    • Articles
    • Certificate of Existence
    • By-laws or Operating Agreement
    • List of Shareholders, and/or Board Members, Names of any DBAs

  What items will you need after a loan is approved?

  • Appraisal, ordered by FFBT, on the real estate to be pledged or purchased.
  • Clear title for any real estate that is to be pledged or purchased.
  • Your loan officer will discuss any other items that might be required, specific to your particular loan.
  If you have any questions about the required items or would like more information on how to prepare for a business loan, please call 800-371-3316.