Beneficial Ownership Form for business borrowers
Your business borrower must complete a beneficial ownership form if the business is not a sole proprietorship. The loan cannot be booked until the form is returned and appears in the Action Center.
When it applies
| Business type | Form required |
|---|---|
| Sole proprietorship | No |
| LLC, partnership, S Corp, C Corp and other entities | Yes |
What your borrower sees
- During the application, your borrower clicks I Understand to acknowledge they owe your institution a beneficial ownership form.
- After submitting the initial application, your borrower receives an email with a link to the online form.
- Your borrower enters the name, title and ownership percentage of each person who owns 25% or more, plus one person with significant control.
- Your borrower submits the form. It returns to your management portal automatically.
What your team sees
In the Action Center, the beneficial ownership step stays grayed out until the form arrives. You can send a reminder as often as needed. When it arrives, open it and check every field before you click Complete.