Source of funds
Topics to consider
Tax records (required)
- Attach two years of 1040 federal tax forms for each person providing funding or
- Corporate tax records, if applicable.
Funds from savings, investments or corporate holdings (required)
- Attach three months of bank statements that show the money is available in all three months
- Alcohol Establishments must also attach three months of bank statements from one year earlier
Loans from a lending institution
- Attach a copy of the loan closing document that shows the amount loaned. Include a copy of any promissory note or
- If you are eligible for a loan when you receive license, attach a letter of loan amount. You must give us the loan closing document when it's completed.
Loans from individuals
- If you receive a loan from friends or relatives, they must give us the same information listed above. This includes tax forms, savings account statements, or loan documents.
- If the lender is not an owner, you must give us a notarized statement stating the lender does not have an operational, financial or management interest in the business.
Landlord or construction financing
- A landlord must give us the same information listed above. This includes tax forms, savings account statements, or loan documents. We can accept corporate account statements and
- Attach a statement about payment terms.
Sample costs and funds reporting form (required)
Part I: Costs
Applicant's name: __________________________________Business name: __________________________________
Building expenses (lease, equipment purchases, down payments, asset agreement, etc.)
$__________________ for __________________________________
$__________________ for __________________________________ Subtotal $___________________
Construction expenses (upgrading cooking equipment, installation, remodeling, etc.)
$__________________ for __________________________________
$__________________ for __________________________________ Subtotal $___________________
Professional expenses (attorney fees, architect fees, consultant fees, etc.)
$__________________ for __________________________________
$__________________ for __________________________________ Subtotal $___________________
Start-up costs (insurance, license fees, inventory, etc.)
$__________________ for __________________________________
$__________________ for __________________________________ Subtotal $___________________
Other expenses (payroll, insurance, SAC charges, other)
$__________________ for __________________________________
$__________________ for __________________________________ Subtotal $___________________
Total costs for pursuing this license
Attach plans, leases, contracts, statements from vendors or credit institutions and other documentation you have to support the above figures.
Part II: Funds (example below)
Total Cost to Start the Business (As listed above.) $300,000
Savings Account Money: $100,000
Attached: Bank Statements from Jan, Feb, Mar 2013 and 2014
Bank Loan: $100,000
Attached: Loan Closing Documents from First Bank and Trust
Loan from Parents: $100,000
Attached: Stock Dividend Statement 2013 and 2014; Tax Records 2013 and 2014; Promissory Note: Notarized Statement of Loan Terms
Total: $300,000
Contact us
Business Licenses & Consumer Services
Phone
612-673-2080
Fax
612-673-3399
Address
Public Service Building505 Fourth Ave. S., Room 220
Minneapolis, MN 55415
Office hours
8 a.m. – 4 p.m.
Monday – Thursday
9 a.m. – 4 p.m.
Friday