SBA Form 160 PDF Details

When it comes to securing financial backing for an organization through the Small Business Administration (SBA), understanding the necessary paperwork is crucial. Among the essential documents is the SBA Form 160, a resolution often required by the SBA during the loan application process. This form serves as a formal declaration by an organization's board of directors, authorizing specific officers to engage with the SBA on behalf of the company. It encompasses the execution and delivery of several key documents related to loan applications, including but not limited to the actual loan application, any renewals or extensions, and the agreements or instruments required by the SBA. Moreover, the form might involve actions such as mortgaging, pledging, or hypothecating the organization's assets to secure the loan. The process detailed within this form also includes the ratification of any previous indebtedness or agreements made with the SBA. The form ensures that the SBA has the confidence to deal with the duly authorized representatives of the organization, anchoring the partnership on a foundation of formally acknowledged corporate governance. The significance of the SBA Form 160 extends beyond mere formality; it is a vital step in securing the financial support small businesses often need to flourish.

QuestionAnswer
Form Name Sba Form 160
Form Length 1 pages
Fillable? No
Fillable fields 0
Avg. time to fill out 15 sec
Other names sba certificate and or resolution, board resolution for eidl loan sample, sba certificate and or resolution eidl, resolution of board of directors sba

Form Preview Example

OMB Control No: 3245-0201

SBA Application / Loan No _________________

U.S. Small Business Administration

RESOLUTION OF BOARD OF DIRECTORS OF

(1)RESOLVED, that the officers of ____________ (hereinafter referred to as “Organization”) named below, or any one of them, or their, or any one of their, duly elected or appointed successors in office, be and they are hereby authorized and empowered in the name and on behalf of this Organization to execute and deliver to the Small Business Administration, an agency of the Government of the United States of America (hereinafter called "SBA"), in the form required by SBA, the following documents:

(a)Application for a loan or loans, the total thereof not to exceed in principal amount $___________, maturing upon such date or dates and bearing interest at such rate or rates as may be prescribed by SBA; (b) Applications for any renewals or extensions of all or any part of such loan or loans and of any other loans, heretofore or hereafter made by SBA to this Organization; (c) the Note or Notes of this Organization evidencing such loan or loans or any renewals or extensions thereof; and (d) any other Instruments or Agreements of this Organization which may be required by SBA in connection with such loans, renewals, and/or extensions; and that said officers in their discretion may accept any such loan or loans in installments and give one or more Notes of this Organization therefore, and may receive and endorse in the name of this Organization any checks or drafts representing such loan or loans or any such installments; (e) sign Guarantee of loan or

loans in the principal amount of $____________ to

 

.

(2)FURTHER RESOLVED, that the aforesaid officers or any one of them, or their duly elected or appointed successors in office, be and they are hereby authorized and empowered to do any acts, including but not limited to the mortgage, pledge, or hypothecation from time to time with SBA of any or all assets of this Organization to secure such loan or loans, renewals and extensions, and to execute in the name and on behalf of this Organization or otherwise, any Instruments or Agreements deemed necessary or proper by SBA, in respect of the collateral securing any indebtedness of this Organization;

(3)FURTHER RESOLVED, that any indebtedness heretofore contracted and any Contracts or Agreements heretofore made with SBA on behalf of this Organization, and all acts of officers or agents of this Organization in connection with said indebtedness or said Contracts or Agreements, are hereby ratified and confirmed;

(4)FURTHER RESOLVED, that the officers referred to in the foregoing resolutions are as follows:

(Typewrite Name

 

(Title)

 

(Signature)

 

 

 

 

 

(Typewrite Name

 

(Title)

 

(Signature)

 

 

 

 

 

(Typewrite Name

 

(Title)

 

(Signature)

 

 

 

 

 

(Typewrite Name

 

(Title)

 

(Signature)

(5)FURTHER RESOLVED, that SBA is authorized to rely upon the aforesaid resolutions until receipt of written notice of any change.

CERTIFICATION

I HEREBY CERTIFY that the foregoing is a true and correct copy of a resolution regularly presented to and

adopted by the Board of Directors of

 

 

 

at a meeting duly called and held at

 

 

on the

day of

, 20

, at which a quorum

 

 

 

 

 

 

 

 

 

 

was present and voted, and that such resolution is duly recorded in the minute book of this corporation; that the officers named in said resolution have been duly elected or appointed to, and are the present incumbents of, the respective offices set after their respective names; and that the signatures set opposite their respective names are their true and genuine signatures.

Secretary

PLEASE NOTE: The estimated burden for completion of this form is 5 minutes per response. You are not required to respond to this information collection unless it displays a currently valid OMB approval number. Comments on the burden should be sent to U.S. Small Business Administration, Chief, Administrative Information Branch, Washington, D.C. 20416, and Desk Officer for SBA, Office of Management and Budget, New Exec. Office Building, Room 10202, Washington, D. C. 20503. (3245-0201). PLEASE DO NOT SEND FORMS TO OMB.

SBA FORM 160 (7-05) Previous editions obsolete

How to Edit SBA Form 160 Online for Free

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Step 1: Hit the button "Get form here" to open it.

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part 1 to writing board resolution for sba eidl loan

Put down the data in the FURTHER RESOLVED that the, Typewrite Name, Typewrite Name, Typewrite Name, Typewrite Name, Title, Title, Title, Title, Signature, Signature, Signature, Signature, FURTHER RESOLVED that SBA is, and notice of any change area.

Completing board resolution for sba eidl loan part 2

You should identify the fundamental particulars in the I HEREBY CERTIFY that the, PLEASE NOTE The estimated burden, SBA FORM Previous editions, and Secretary box.

board resolution for sba eidl loan I HEREBY CERTIFY that the, PLEASE NOTE The estimated burden, SBA FORM Previous editions, and Secretary fields to fill

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