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What Do You Need To Open a Small Business Account or Loan?

Be prepared with the information and documents you'll need to open your small business deposit account or to apply for a loan or line of credit. This helps verify your business and key individuals associated with it.

To complete your application online or in person, you'll need some basic info, including:

  • Your legal business name and address1
  • Your Tax ID Number (some business owners may use their Social Security Number)
  • A valid driver's license, state-issued ID or passport to validate your identity
  • If you plan to add other authorized signers, beneficial owners and/or individuals with control, you'll need each person's name, physical address, phone number, date of birth, Social Security Number and valid ID. A job title is required for individual with control as applicable

Documents you'll need for your application

Documents to open a deposit account

For an online account opening, you'll need the following documents if applicable:

  1. Fictitious name/assumed name/DBA/trade name certificate or registration

  2. Chapter and Bylaws of Association or copy of minutes of last meeting with new elected officers

  3. Partnership Banking Agreement

During online account opening, less documents are required as we gather documentation on your behalf to help confirm your business before we open your account.

For an in-person account opening, you'll need the following documents if applicable:

  1. Fictitious name/assumed name/DBA/trade name certificate or registration

  2. Chapter and Bylaws of Association or copy of minutes of last meeting with new elected officers

  3. Partnership Banking Agreement

  4. Document used to form and register your business; e.g., Articles of Incorporation/Organization, Certificate of Good Standing

  5. Board of Directors Resolution/Bylaws

  6. LLC Operating Agreement

Use your mobile phone's camera to capture document image or upload a PDF when you open your account online. If you open at a TD Bank, bring copies of your documents.

If you have a home-based business and are opening your account in person at a TD Bank, you must be able to meet or provide at least one of the following to help verify your identity:

  1. Online presence in the Business name (website, social media page or online marketplace storefront- Etsy, eBay, Amazon, Shopify, etc)

  2. License for trade business (daycare, architect, plumber, electrician, etc) or sales usage document

  3. Utility (water or electric) or Internet Bill mailed to the address in the Business or in the name of the Business Owner (not including cell phone bill)

  4. Vehicle registration in the Business or Business Owner name

  5. Invoice or bill mailed to the current address in the Business name

Who can open an account online

Businesses with up to 4 signers can open a checking, savings or money market account online.

Any business owner can book an appointment at a local TD Bank to inquire about opening any deposit account.

Find a TD Bank

Documents for a loan or line of credit application

You'll need the following business documents for an online or in-person application, if applicable3:

  1. Fictitious name/assumed name/DBA/trade name certificate or registration

  2. Chapter and Bylaws of Association or copy of minutes of last meeting with new elected officers

  3. Board of Directors Resolution/Bylaws

  4. LLC Operating Agreement

  5. Partnership Banking Agreement

  6. Requests $100,000 to $250,000: 1 year of most recent business tax returns

Other documents you may need to prepare:

Personal Financial Statement for anyone owning 10% or more of a multi-owner business and/or anyone providing a personal guarantee (for paper applications).

For online applications, anyone owning 10% or more of a multi-owner business and/or any owner providing a personal guarantee will receive an email containing a link to complete their Personal Financial Statement (PFS). The PFS needs to be completed within 30 days, otherwise the credit request will expire.

Entity Guarantee Form if your business has ownership by another business

New commercial mortgage applications

  1. A copy of the purchase and sales agreement

Commercial mortgage refinance

  1. A schedule of the property

Loan and Line of Credit requests over $250,000

If your new request or existing loan relationship plus your new request is $250,000 to $1,000,000, you'll also need:

  • Personal Financial Statement for anyone owning 10% or more of a multi-owner business and/or anyone providing a personal guarantee
  • Interim YTD business financial statement (balance sheet and income statement) if your application date is more than 6 months beyond fiscal year-end
  • Accounts receivable aging report
  • For requests of $250,000 – $1,000,000: 3 years of business tax returns plus 2 years of personal returns

Information on all beneficial owners or the individual with control2

If you open your deposit account or apply for your loan or line of credit at a TD Bank, you'll need to provide a signed and completed certification form with information on all beneficial owners and the one individual with control. If you open your account or apply online, this information will be gathered as part of your application.

  • What is a beneficial owner?
    Each individual, if any, who owns, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, 25% or more of the equity interests of the legal entity (e.g., each natural person who owns 25% or more of the shares of a corporation). There may be instances where you will be asked to provide this information on 10% owners.
  • What is an individual with control?
    One individual with significant responsibility for managing the legal entity, such as an executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer); or any other individual who regularly performs similar functions.

1Your business must be located in a state where TD Bank operates: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT

2As of May 11, 2018, all banks and credit unions are required by the U.S. Government to collect information on beneficial owners and one individual who has significant control over the business.

3Online application is designed for lending needs up to $250,000. Excludes borrowing requests for total aggregate exposures more than $250,000, ACH Line, Letter of Credit, unsecured lending and entities with more than ten owners. For borrowing requests in excess of $250,000 in total aggregate exposure, please call 1-855-278-8988 to apply with a Small Business specialist. If you have an existing TD Bank business lending relationship, your new loan request plus existing loan request must be $250,000 or less. For revolving products, such as a business credit card or lines of credit, we consider your total credit limit. For non-revolving products, such as a term loan or commercial mortgage, we consider your total current balances. To apply for a loan request of greater than $250,000, please use our paper application that can be downloaded here or requested at any TD Bank location. For more information, please contact a TD Small Business specialist..

Subject to credit approval.

 

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