TRANSCRIPT:

If you’re a small business owner and you’re opening a bank account or applying for credit, you’re probably prepared for questions about your revenue and credit history. But you may also be asked detailed questions about your company’s ownership.

 

Due to a federal regulation designed to prevent money laundering and fraud, lenders may ask you to supply specific information about who owns or runs your company. The regulation doesn’t apply to everyone.

 

If you operate a business with no partners or controlling managers, lenders aren’t going to ask you for this extra information. If you do have partners—considered to be those with a 25% equity stake—or controlling managers—those with significant decision-making authority, like a CEO or COO—then you are affected and will want to be prepared.

 

If the rule applies to you, lenders will ask for certain information about your partners or controlling managers. They’ll need basic identifying information for U.S. citizens. Or in the case of non-U.S. citizens, they’ll ask for foreign passport details and an identity document.

 

To make the process easier and quicker, gather this information to take with you when you meet with your small business specialist. If you have questions, schedule an appointment with a small business specialist, which you can do by phone or in person.

 

Speak with a Small Business Specialist today.  bankofamerica.com/Appointment

 

Visit our Credit & Lending Resource Center to learn more.

 

Bank of America, the Bank of America logo and Life / Better Connected are registered trademarks of Bank of America Corporation.

 

2018 Bank of America Corporation

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