New Business Account and Loan Document Checklist

New Account and Loan Document Checklist-Business (Customer Use)

When opening a business account or applying for a business loan, certain documentation and information is required. Along with the documents required for your business ownership, the following information will need to be provided:

For Each Signer (except signers for a publicly traded company or government entity)

  1. Two forms of personal identification with one being a government issued photo ID
  2. Social Security Number and physical address

 

Beneficial Owner Information

A Beneficial Owner is defined as:

  • "...each individual, if any, who, directly or indirectly, owns 25% or more of the equity interests of a legal entity customer (i.e., the ownership prong); and
  • a single individual with significant responsibility to control, manage, or direct a legal entity customer, including an executive officer or senior manager (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer); or any other individual who regularly performs similar functions (i.e., the control prong)."

 

CAUTION: THERE MAY BE ADDITIONAL DOCUMENTATION REQUIRED BASED ON THE NATURE OF THE BUSINESS