Business Loans

A business was operated as a sole proprietorship for one year, prior to incorporating two years ago; does this business meet Desert Schools' three year time in business requirement?

Even though the business operated under two different legal entities, the owner can provide Desert Schools with three years of financial results; therefore, it meets the requirement.

A business started operations one year ago; however, the owner has been working for other companies in that same industry for 10 years. Does this business meet Desert Schools' three year time in business requirement?

While the owner can demonstrate experience, the business does not have sufficient financial results history for Desert Schools to determine its capacity to repay the loan; therefore, it does not meet the requirement.

A business has operated for four years; however, the owner only purchased it one year ago, after being the general manager for two years prior. Does this business meet Desert Schools' three year time in business requirement?

Although the owner purchased the business one year ago, three years of financial results can be attributed to that individual's management; therefore, it does meet the requirement.

What commercial loan products does Desert Schools offer?

We offer vehicle, equipment and real estate term loans as well as revolving lines of credit.

How do I apply for a commercial loan?

To apply for a commercial loan $250,000 to $2,500,000, simply go to a branch and complete a Business Loan Application. Please bring:

  • Your three most recent fiscal year-ending business financial statements and business tax returns
  • An internally prepared financial statement, not older than 90 days
  • All member business owners having 20% or greater ownership in the organization must provide three years of personal tax returns and complete a personal financial statement (spousal guarantees are also required)
  • Copies of applicable business documentation (e.g., articles of incorporation, articles of organization, partnership agreement)
  • Other documentation may be required depending on the nature of the business, type of collateral and credit request

To speak with a Commercial Loan Officer, please call (602)335-5719. (Start-up and business acquisition transactions are ineligible.)

How do I apply for a small business loan?

To apply for a small business loan $25,000 to $250,000, simply go to a branch and complete a Business Loan Application. Please bring:

  • Your three most recent fiscal year-ending business financial statements and business tax returns
  • An internally prepared financial statement, not older than 90 days
  • All member business owners having 20% or greater ownership in the organization must provide three years of personal tax returns and complete a personal financial statement (spousal guarantees are also required)
  • Copies of applicable business documentation (e.g., articles of incorporation, articles of organization, partnership agreement)
  • Other documentation may be required depending on the nature of the business, type of collateral and credit request

To speak with a Commercial Loan Officer, please call (602) 335-5719. (Start-up and business acquisition transactions are ineligible.)

If I make two loan payments this month, will I need to make my regularly scheduled payment next month?

Yes. Although you pay additional money toward the amount you owe, your original loan agreement states that the minimum payment must be made each month. The extra payment will, in essence, reduce the total amount you owe and may decrease the number of months of your loan, depending on the amount.

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