Applicants may use the same documentation as required by the
SBA for their approval of the lender to the extent that such documentation
meets the requirements of statute and these rules unless waived by the
director. The application must contain the following:
(1) Applicant's name, address, and telephone
number.
(2) A statement that the
applicant is incorporated under the Washington Business Corporation Act or the
Washington Nonprofit Corporation Act and a copy of applicant's Articles of
Incorporation and Bylaws, properly certified.
(3) A list of officers, directors,
associates, and all holders of ten or more percent of any class of the
applicant's capital stock.
(4) A
statement of personal history of all those listed in subsection (3) of this
section. SBA Form 1081 or its equivalent may be used.
(5) A copy of the most recent audited
financial statement of any entity other than a natural person holding ten or
more percent of any class of stock of the applicant.
(6) An organizational chart showing the
relationship of the applicant to its affiliates, as well as the applicant's
internal organizational structure.
(7) Copies of the last three audited
financial statements of the applicant, and supporting tax returns.
(8) Applicant's business plan which should
include at a minimum:
(a) A detailed pro forma
financial projection for at least three years of operations.
(b) A market study of the intended
geographical area of operations.
(c) An explanation of applicant's method of
funding loans, including the unguaranteed portion.
(d) An outline of loan servicing procedures
proposed.
(e) Copies of written
policies and procedures to be used, which must include policies requiring
disclosure of conflicts of interest of affiliates, directors, officers, and
employees; prohibiting false statements or representations to the director; and
preventing fraud or undue influence by the licensee.
(9) Certified copy of a resolution by the
applicant's board of directors designating the person(s) authorized to act on
behalf of applicant.
(10) An
opinion of independent counsel that the applicant is in compliance with
applicable state and federal laws in the formation and organization of the
company, with applicable securities laws, and is chartered to conduct its
business in the proposed operating area.
(11) Such marketing materials as may have
been prepared that portray the nature of applicant's operations.
(12) Copies of all bonds in effect for
directors, officers, and employees.
(13) Other such information as the director
may require.