REAP Instructions for Loan Applications with Multiple Business Partners

• If the business is owned by a married couple, spouses do not need to complete additional applications, but both people’s names, birthdates, and social security numbers must be listed on the credit check authorization form.

• If the structure of the business is a partnership, a partnership agreement must be in place and signed by all partners. The partnership agreement protects all partners and can be a critical agreement for the partners and lenders should the partnership be dissolved or if there is a death of one of the partners.

• When there are multiple partners with a business, the exception being spouses as stated above, the primary partner must fully complete the REAP loan application. Each principal partner with 25 percent or more ownership must additionally complete a new, abbreviated application consisting of the following:

If applying online at http://www.cfra.org/reap/rapidloan_entry.htm:

1. Personal Information (page 1 of the online application)

2. Survey Information (page 2 of the online application)

3. Business Ownership (page 3 of the online application)

4. Household Income (page 4 of the online application)

5. General Information – Participant Certification Form, (page 5 of the online application)

6. Select Loan (page 7 of the online application)

7. Personal Balance Sheet (page 14 of the online application)

8. Credit History Search (page 16 of the online application)

9. Check the Authorization Box on the final page and submit (page 17 of the online application).

Please note: Pages can be skipped in the online application by clicking the “next” button at the bottom of the page.

If not applying online, the primary partner must fully complete the REAP loan application documents found at: http://www.cfra.org/reap/loan_programs.htm. Each principal partner with 25 percent or more ownership must additionally complete the following documents found at: http://www.cfra.org/reap/loan_programs.htm

1. Business Profile

2. LMI Form

3. Credit Check Form

4. Personal Balance Sheet (found in the Financials Worksheet file)

Please contact REAP staff if you have any questions or need assistance. The REAP Staff listing can be found at http://www.cfra.org/reap/staff.htm

For more information: contact Jeff Reynolds, REAP Program Director, 402.656.3091,  jeffr@alltel.net or Peggy Mahaney, 402.687.2103 x 1012 or peggym@cfra.org