Corporate Resolution for SBA Loan
Understanding this form
The Corporate Resolution for SBA Loan is a formal document used by corporations to record decisions made by their board of directors or shareholders regarding the approval of actions, such as applying for a Small Business Administration (SBA) loan. This form ensures that the decisions are documented and compliant with corporate governance, distinguishing it from other resolutions that may not pertain specifically to financial obligations or loan applications.
Main sections of this form
- Corporate name and type of corporation.
- Resolution text outlining the specific actions authorized.
- Date of the regular or special meeting.
- Signatures of directors or shareholders approving the resolution.
- Certificate of Secretary attesting to the resolution's accuracy.
Situations where this form applies
This form is used when a corporation needs to document a decision made by its board or shareholders, particularly when seeking financing through an SBA loan. It is essential for establishing that the corporation has authorized the loan, thereby providing legal protection to both the corporation and the lenders involved.
Who can use this document
- Corporate board members and directors.
- Shareholders of the corporation.
- Corporate secretaries responsible for documentation.
How to prepare this document
- Identify the corporation and enter its full legal name and type.
- Draft the specific resolution or action being approved regarding the SBA loan.
- Record the date of the meeting where this resolution is adopted.
- Have all necessary directors or shareholders sign the document.
- Certify the accuracy of the resolution with the Secretaryâs signature and date.
Notarization guidance
This form does not typically require notarization unless specified by local law. However, it is always best to verify state-specific requirements or consult with a legal professional to confirm.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to specify the action being approved.
- Omitting the signatures of required directors or shareholders.
- Providing incorrect corporation details or misrepresenting its type.
- Not including the date of the meeting on the resolution.
Why use this form online
- Convenient downloads that save time and resources.
- Editability allows for quick updates to meet specific needs.
- Reliability backed by templates drafted by licensed attorneys.
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FAQ
SBA Form 160, Resolution of Board of Directors is a form issued by the Small Business Administration (SBA) and filed with SBA Business Expansion loans - including Direct, Guaranteed, or Participation loans.
A resolution adopted by a Board of Directors and/or the stockholders of a corporation or other entity that authorizes the officers to borrow money from a financial institution.
The banking resolution document is drafted and adopted by a company's members or Board of Directors to define the relationship, responsibilities and privileges that the members or directors maintain with respect to the company's banking needs.
Assisted Living Facilities. Motels, Hotels, and B&Bs. Restaurants. Bars and Clubs. Retail Stores. Business Services and Office-Based Companies. Auto Repair Shops. Car Dealerships.
A corporate resolution outlines the decisions and actions made by a company's board of directors.A corporate resolution helps the corporation to remain independent from its owners by ensuring that the decisions made by the board and the corporate executives do not create a conflict of interest with the owners.
Your business must have fewer than 500 employees, and less than $7.5 million revenue on average each year for the past three years. Your net income must be under $5 million (after taxes and not counting carry-over losses), and your tangible net worth must be less than $15 million.
It is a legal document adopted by a corporation's board of directors containing information about the parties who may sign checks and borrow money from financial institutions. Borrowing resolutions are more commonly known as corporate resolutions.
An LLC Corporate Resolution Form is a document that describes the management and decision-making processes of the LLC.A member-managed LLC means that all members of the LLC have authority to bind the company to contracts; the members all have daily oversight over all business decisions.
SBA Form 160, Resolution of Board of Directors is a form issued by the Small Business Administration (SBA) and filed with SBA Business Expansion loans - including Direct, Guaranteed, or Participation loans.
