Stearns Financial Services | Stages of the A/R Funding Process

Stages of the A/R Funding Process

	Application Stage:In order for Stearns to prepare an A/R Funding program tailored to fit the needs of your business, we will need you to submit the following items to: Stearns Financial, 563 W 500 S - Ste 150, Woods Cross, UT 84087. A completed and signed application. General (44.8 KB PDF) Trucking (46.1 KB PDF) Business financial statements for the previous 2 years A current accounts receivable aging A copy of an invoice with all supporting documentation Federal tax returns, both business and personal, for the previous 2 years A copy of your organizational documents (i.e., Articles of Incorporation, Articles of Organization, Partnership Agreement, etc.) Personal financial statement on all owners of 5% or more of the company’s stock An accounts payable aging A customer list with address, and phone numbers.
	Proposal Stage:Once we have received the information indicated above, we will prepare a proposal setting forth the terms of the A/R Funding program that our specialists have designed for your business. At that point, you will be asked to submit the following: A signed copy of the proposal (assuming that the terms are acceptable to you) A due diligence fee to cover the costs of underwriting the transaction Additional information requested by our Underwriting Department
	Due Diligence and Funding:Upon our receipt of the items requested above, we will proceed with the following steps: Complete the remainder of our underwriting and due diligence analysis Finish all credit, lien and judgment searches Prepare legal documents, including any takeouts of existing lenders Have the contracts signed by your authorized representative Introduce you to your Account Executive in our Operations Department Begin funding on your invoices
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