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Short Term Lending Program Checklist for New Participants

What You Need To Do

1. _____  Completed DOT OSDBU STLP application signed and dated.

2._____  Financial Records for business:

                        _____Three years of business financial statements

Note: Business financial statements should be prepared by an independent CPA firm and to include the accountant's cover letter, balance sheet, operating statement, any additional statements and schedules, and any accompanying notes. If the latest financial statements are more than 90 days old, interim financial statements are to be furnished which may be management prepared.

                        _____Three years of business federal tax returns

3._____  Financial Records personal: (for each proposed guarantor and individual owning 20% or more of the company)

                        _____Current personal financial statement (dated and signed)

                        _____Three years of personal income tax returns

4._____  Current Work in Progress (WIP) Schedule or statement to include all jobs currently under contract.  (Contract owner, project name, contract amount, start date, percentage completed and billed amounts, collected amounts, and estimated completion date should be included)

5._____  Current Aging Reports of both Receivables and Payables (should be 90 days current)

6._____  Cash Flow Projection covering the term of the loan must be submitted.  This report should show, on a monthly basis, total revenues from both transportation and non-transportation related contracts in progress, the associated cost of goods and services, general and administrative operating costs, net monthly cash flow, and anticipated advances and repayment on the proposed line of credit.

7._____  Current DBE Certification and/or other eligible SBA certification (8a, HUBZone, SDB, DSV). This is to include updated an annual affidavit as part of the certification requirements and evidenced of acceptance by the DOT by your home state or your Business Opportunity Specialist (BOS) if it is a SBA certification. 

8._____  Business formation documents (Articles of Incorporation, or Partnership Agreement, or Articles of Organization) and evidence of proper business registration.

9._____  Company history and a statement of the expected benefits of the loan.

10._____  List of completed contracts during the past 12 month period.

11._____  2 Reference letters relating to the applicant's contract performance and one other reference letter relating to either financial or professional performance.  These letters should be dated within the past six months of the date of application.

12._____  Resume of key management

13._____  Complete copy of all transportation-related contracts, subcontracts, and/or purchase orders that will be assigned to the proposed loan.

14_____  Bonding information, if applicable

15._____  If any of the principal owners of the applicant business also own a majority interest in other business concern, he/she must submit the past three fiscal years of financial statements and/or federal tax returns for the each affiliated business.

16._____ Taxes (Federal, State, and Local) have been paid.  If not then you must show evidence that you have a payment plan in place and further evidence that you are paying it.

Last updated: Tuesday, June 25, 2013