[Fredslist] SBA EIDL Board Resolution & Hazard Insurance

[Raj Goel]

Folks,

I received an email from the SBA asking for:


Per your Loan Authorization and Agreement, please provide the following document(s):

  1.  [Corporation - including Non-Profits]

The SBA requires a Resolution that includes:

a.       A statement that the Board held a meeting

b.       A statement that the Board authorizes acceptance of the SBA loan and specifying the loan amount

c.       A statement designating an individual or individuals by name and title authorized to sign the SBA loan closing documents

d.       The statement should be dated and signed by at least one member/manager/managing member of the Corporation.

  1.  [For loans over $25,000 - hazard insurance on business contents required]

1)      Please provide hazard insurance covering your business contents. They include: phones, computers, printers, paper for printers, fax machines, chairs, desks/tables, etc.

Hazard Insurance:

*       The hazard insurance policy needs to be in the name of the borrower.

*       It needs to specifically reflect coverage and the amount of coverage for business contents or business personal property.

*       A liability insurance policy is not acceptable unless business personal property has been added.

*       A renters insurance policy is acceptable if the policy is in the name of the borrower and specifically covers business contents or business personal property.

*       Vehicles are titled and cannot be taken as collateral under a general security interest.


  1.  Is this legitimate?
  2.  Have you gone thru this process for the EIDL?



--Raj

Rajesh Goel, CISSP
cell (917) 685-7731
raj at brainlink.com<mailto:raj at brainlink.com>
You run your business, and leave the IT to us.

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