Get your package lender-ready
When your employee applies, the lender is mostly underwriting your business, so most of the file comes from you. Here is everything they will ask for: 16 items from you and 8 from your employee. Tick them off as you go, download it, or have us set up one folder you can both upload to.
Get a shared folderEmployee buyout: SBA lender checklist (24 items)
What you (the seller) provide
Most of the loan file is about the business, and the business is yours until closing. This is the part that takes the longest to pull together, so start here.
0 of 16 ready
The business's numbers
What the lender underwrites the loan on.
How the business runs
What the lender reads to understand what the buyer is taking over.
The sale itself
What you and your employee agree on, in writing.
What your employee (the buyer) provides
Your employee is the borrower, so the personal side of the file is theirs. You do not need to see any of it. In the shared folder they upload it straight to the lender's file.
0 of 8 ready
Their personal finances
Who the lender is lending to.
Their down payment
Where the buyer's cash comes from.
Their plan for the business
What changes, and what does not, once they own it.
Items marked “SBA requires” are named in SOP 50 10 8.1. The rest are what lenders routinely ask for on a buyout and what we collect on our own deals. Your lender may ask for more, and in a different order.