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SMALL BUSINESS SERVICES

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					                                SMALL BUSINESS SERVICES
                                    GUIDELINES FOR ORIGINATOR BONDS

                      CRITERIA                                       SELF-EMPLOYED                        COMMISSION EARNER
                                                              Existing Client            New Client
 New home loan applications                                          Y                        Y                       Y
 Business Finance Application                                        N                        N                       N
 Personal Finance application                                        N                        N                       Y
 Copy ID of all directors/members/trustees                           Y                        Y                       Y
 Income                                                   Auditor / Accountant / Bookkeeper letter         3 months salary advice
                                                                                                            including commission
                                                                                                                 statements
 Offer to Purchase                                                              Y                                     Y
 Company registration certificate                                               Y                                     N
 Founding statements                                                            Y                                     N
 Comparative financial statements                        Y (if not already on file)           Y                       N
  Sole Prop (confirmation of earnings from
   accountant/bookkeeper)
  Close Corporation – Trading
  Close Corporation – Non-trading
  Ltd Co (Trading or Non-trading) require audited
   financial statements
  Trusts
  Trading Trusts
  Partnerships
  IT 34 from SARS (if available)
 Management accounts (require upfront should                                    Y                                     N
 financial statements be older than six months)
 Personal bank statements (only the last three                       N                        Y                       Y
 months)
 Business bank statements (only the last three                       N                        Y                       N
 months)
 Personal financial statements on                                   Y (on all applications)                           Y
 members/directors/trustees
 Shareholder certificate(s) (require only at sign-up                            N                                     N
 stage)
 Certificate to commence business (require only at                              N                                     N
 sign-up stage)
 Proof of comprehensive insurance (require only at                              N                                     Y
 sign-up stage)
 Company resolutions (require only at sign-up                                   N                                     N
 stage)
 Deed of Sale                                                                   Y                                     Y
 New bond application – valuation                                               Y                                     Y
 Further bond application – valuation                                           Y                                     Y
 Take over bond application (6 months home loans                     N                        Y                       Y
 statements)
 5 Point plan                                                               Y                                         Y
                                                         (if amount >R2m or where client is raising
                                                                         capital)

Definition of a Small Business application – where the underlying source of repayment comes from an “Owner Managed Business”, ie
either a self-employed (Sole Prop), a CC, a Pty Ltd, a Trust, Partnership and/or Association and which will be used to service a loan
agreement. Commission Earners and Contractors are NOT considered as owner managed businesses and are therefore excluded.

Note: The Bank reserves the right to call for additional supporting information to enable it to make a final decision

				
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posted:12/5/2009
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Description: SMALL BUSINESS SERVICES