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 the following documents:

  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.

Get The Newsletter?