SBA Form 160, Resolution of Board of Directors

SBA Form 160, Resolution of Board of Directors
SBA Form 160, Resolution of Board of Directors

SBA Form 160, Resolution of Board of Directors

SBA Form 160, Resolution of Board of Directors is a form issued by the Small Business Administration (SBA) and filed with SBA Business Expansion loans - including Direct, Guaranteed, or Participation loans. It belongs to Common Closing forms that are submitted to a lender at the last stage of the loan application procedure.

The latest version of the form was released by the SBA in July 2005 with previous editions obsolete. The latest fillable version of the SBA Form 160 is available for digital filing and download below:

The document consists of two parts:

  • the resolution;
  • the certification.

The properly filled-out form must contain the following information:

  1. The name of the organization;
  2. The maximum and minimum loan amounts;
  3. The names, titles, and signatures of four officers referred to this Resolution;
  4. The place of the meeting during which the Resolution was adopted;
  5. The exact date of that meeting;
  6. The signature of the secretary, certifying that the provided signatures and names of the officers are true and genuine.

The SBA 160 can be filled out electronically or manually. All electronically completed forms have to be printed and hand signed. After that, they should be submitted to the lender with the other closing documents.

If the applicant has any questions regarding the form or the loan or experiences any issues with completion of the document, it is recommended to schedule an appointment with the lender relation specialists. The certified specialists can be found in every local SBA field office. The contacts of the corresponding office are provided on the SBA official website.

SBA Resolution of Board of Directors

One of the SBA missions is to promote the development of small businesses by providing them with different types of affordable loans. The agency does not provide funds to small business owners directly, but sets guidelines for loans offered by over 800 partnering lenders situated all over the U.S., reduces risks for lenders, facilitates their access to capital, and allows a loan acquisition easier for small businesses.

When applying for a Direct, Guaranteed, or Participation loan to expand an existing business the lender requires a corporate resolution. The latter confirms that the board of directors of a specific company has authorized a proposed loan. The resolution of board of directors is the convenient form that satisfies this requirement.

The completed form signifies that the board of directors is aware of the fact that the finances are requested, of the exact sum, and has authorized the organization indicated in the document to receive funds. To make any changes to the agreement, the officers will have to notify the SBA in a written form about them; otherwise, the resolution remains in effect. Verbal notifications or revocations are not accepted.

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