Business Loan Application

Business Name *

Zip Code *

Preferred Method of Contact *

Email *

How many individuals have ownership in this company? *

Please provide the name of the owner: *

Length of time in business *

Need Help?

574-235-4440 or 888-236-0779 (Mon-Fri 8-5 PM ET)

FAQ

What do I need to apply online?

You will just need basic information about your business and business ownership. You must have software which permits you to access Portable Document Format ("PDF") files, such as Adobe Acrobat Reader® version 5.1 or higher (available for downloading at Adobe’s website by clicking here).

CLICK HERE

to test your device’s capabilities before you proceed.

Will 1st Source check my credit when I apply for a loan?

Yes. For your loan application to be considered, 1st Source Bank will need to request your credit report from one or more of the credit bureaus. This request will display on your credit report.

Do I need to be a 1st Source customer to apply?

No, you do not need to be an existing 1st Source customer to apply.

FAQ

What is a Term Loan?

Typically, a term loan consists of a lump sum loan amount repaid in equal monthly payment installments over a set period of time; generally up to 60 months.

What is a Revolving Line of Credit?

Generally, a revolving line of credit is utilized to finance short-term borrowing needs such as the purchase of inventory, supplies, etc.

What is collateral?

Simply stated, collateral is defined as property pledged by or on behalf of the borrower to the lender. This may include items such as vehicles, real estate, and/or machinery and equipment.

Is collateral required for a Retail Business Loan?

Collateral is most often required for a Retail Business Loan.

FAQ

What does guaranty mean?

A guaranty for a commercial loan is similar to what a co-signer is on a consumer loan. A strong personal guaranty being pledged can strengthen the likelihood of loan approval and sometimes improve turnaround times. Each individual owner of a business should be listed as a guarantor unless there is good reason not to but other individuals may be added at the borrower and guarantors choice to strengthen the likelihood of approval.

Will 1st Source check my credit when I apply for a loan?

Yes. For your loan application to be considered, 1st Source Bank will need to request your credit report from one or more of the credit bureaus. This request will display on your credit report.

FAQ

What is collateral?

This is something that is pledged as security for repayment of your loan, which could be forfeited in the event of a default. Types of collateral would be your Home, Car, Motorcycle, Recreational Vehicle, or Water Craft.

What is Payment Protection Coverage?

In the event that you and/or your co-borrower should unexpectedly pass away, life coverage would pay your loan off in full, not leaving a financial burden to your family, and would not deplete your current life insurance policy. Additionally, if you should become suddenly sick or injured for 14 or more consecutive days and you are unable to work, your loan payment will be reimbursed to you for the time while you are out of work, just when it is the hardest to make ends meet.

What if I am seeking Pre-Approval for an Auto Loan?

It is okay if you do not have the exact car or truck picked out yet. We can provide you with a pre-approval so you can shop with confidence. We simply ask that you enter the vehicle that matches closest to the one you are seeking. Once you have your vehicle picked out, we will update your application and get you in your new vehicle quickly.

Why does it matter if I put in the Model & Series?

The more detailed you can be with the vehicle information, the more exact we can be on the vehicle value. If you can include a VIN# in the Series/Type section, that would be helpful as well.

FAQ

Typically how long does it take for a loan decision?

A loan decision can generally be made within one business day of receiving all necessary information pertaining to the loan request.

Business Loans

Business Loan