Application Process

The Lakewood Group is committed to a straightforward and comprehensive application process to ensure that your business receives the financial support it needs. Below is a step-by-step guide to our application requirements

All business owners and guarantors must complete and sign the application form.

1. Business Documentation

   • Provide a copy of the legal establishment documents of the business, such as the Certificate of Formation.
   • Submit three years of personal tax returns for all business owners.
   • Include two years of business tax returns, the most recent quarterly profit and loss statement, and a balance sheet (if already in business).

2. Business Plan Requirements

   • For startups operating for less than two years, submit a detailed business plan that includes:
     • Financial projections
     • An executive summary
     • An assessment of management capabilities
     • A competitive analysis

3. Additional Financial Projections

   • Provide financial projections for the next two years, including monthly details for the first year, a cash flow statement, and a balance sheet.

4. Lease or Purchase Agreements

   • Include a copy of the DRAFT lease or buy-sell agreement. Please refrain from signing any lease or agreement until you have secured the necessary resources to operate the business.

5. Owner Contributions

   • Provide evidence of the owners' contribution (equity/cash) towards the total project cost.

6. Legal Agreements for Business Structure

   • Supply a copy of the operating agreement for corporations, partnerships, and LLCs/Partnerships.

7. Tax Compliance Verification

   • Ensure and provide proof that the business is current on State sales taxes and payroll taxes, if applicable.

8. Credit Checks
   

• Upon receiving signed applications, we will conduct a personal credit search for all owners and guarantors. Any bankruptcies, judgments, and charge-offs must be explained in writing.
• Obtain your personal credit report at no cost by calling 1-877-322-8228 or visiting www.annualcreditreport.com, the only authorized online source for free credit reports under federal law from the three major credit reporting agencies—Equifax, Experian, and TransUnion.

Support for Applicants

We offer support throughout the application process to help ensure that all your documentation is complete and accurate.

Non-Discrimination Policy

The Lakewood Group adheres to a strict non-discrimination policy. We do not discriminate on the basis of race, color, religion, sex, national origin, age, or disability.

You can contact our team by sending an email to [email protected] or by filling in the contact form below