Instructions for FSA 1940-38

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Instructions for FSA-2310 
 LENDER’S VERIFICATION OF LOAN APPLICATION (Emergency Loan Use)
Emergency loan applicants use this form to document whether they can obtain a loan from other lenders.  Lenders use this form to document whether applicants can obtain the requested loan.

Submit the original completed form or a facsimile copy to the appropriate USDA office.  Customers who have established electronic access credentials with USDA may electronically transmit this form to the USDA office, provided that the customer submitting the form is the only person required to sign the transaction.

Features for transmitting the form electronically are available to those customers with access credentials only.  If you would like to establish online access credentials with USDA, follow the instructions provided at the USDA eForms web site.
Applicants must complete Part A Items 1 through 3.
Lenders must complete Part B Items 1 through 7 and Part C Items 1 through 4.
Part A, Items 1 through 3 are completed by the applicant.
Fld Name /
Item No.
Instruction
1(a)
Applicant's Name 
Enter the applicant’s name.
1(b)
Amount of Loan
Enter the dollar amount of the emergency loan requested.
1(c)
Loan purpose
List the purposes for which loan funds will be used.
2
Applicant’s Signature
Enter the applicant's signature.

If you are mailing or faxing this form, print the form and manually enter your signature. If this form is approved for electronic transmission and you have established credentials with USDA to submit forms electronically, use the buttons provided on the form for transmitting the form to the USDA office.
3
Date
Enter the date the applicant signed this form.

Part B is completed by the lender.  If the applicant is presently indebted, complete Items 1 through 4.
Fld Name /
Item No.
Instruction
1(a)
Principal balance
Enter the principal balance for each account as of the date you complete the form.
1(b)
Accrued Interest
Enter the amount of interest accrued on each account.
1(c)
As of Date
Enter the date used to compute the amount of accrued interest.
1(d)
Amount Delinquent
Enter the amount of principal and interest delinquent on each of the applicant’s accounts, if delinquent.

1(e)
Annual Installment
Enter the annual installment amount on each account.
1(f)
Interest Rate
Enter the annual effective simple interest rate for each account.  Insert an “*” for each account that has a variable rate.
1(g)
Daily Interest
Enter the daily interest accrual amount for each account.
1(h)
Date Due
Enter the final maturity date for each account.
2
Continue with Loans
Check the “YES” box if you are willing to continue with the applicant’s loans and describe in Item 2(a) under what conditions you are willing to do so.  Check “NO” if you are not willing to continue with loans and describe in Item 2(b) the reasons why not.  Use Item 7, Remarks, if needed, to complete your answer.
3
Describe
Collateral
Describe the collateral securing the debts listed in Item B1.  (General descriptions may be used, i.e., machinery and equipment, land, mixed cattle, etc.)
4
Similar Loan Request
Check the “YES” box if the applicant has applied for a loan of similar amount and purposes as that requested from FSA, and complete Items 4(a) through 4(f).  If you have received no similar loan request check the “NO” box.

Fld Name /
Item No.
Instruction
4(a)
Amount
Enter the amount of the loan request.
4(b)
Interest Rate
Enter the interest rate for the loan requested.
4(c)
Terms
Enter the loan terms.
4(d)
Date of Last Request
Enter the date of last request.
4(e)
Loan Purpose
Enter the loan purpose.
4(f)
Collateral
Offered
List the collateral offered.
5
Request Approved
Check “YES” if the applicant’s loan request was approved, and complete Item 5(a).  If “NO” is checked complete Item 5(b).
5(a)
Amount
Enter the amount of the approved loan.
5(b)
Why Not?
Enter the reason the loan request was not approved.  
6
Guarantee
Check “YES” if you would consider making the applicant a loan with an FSA guarantee.  If not, check “NO”.
7
Remarks
Use this space to add any additional information.


Part C is completed by the lender.
Fld Name /
Item No.
Instruction
1
Lender Name and Address
Enter the lender’s name and address.
2
Title
Enter the title of the lender’s representative.

Fld Name /
Item No.
Instruction
3
Signature
Enter the signature of the lender’s representative.

If you are mailing or faxing this form, print the form and manually enter your signature. If this form is approved for electronic transmission and you have established credentials with USDA to submit forms electronically, use the buttons provided on the form for transmitting the form to the USDA servicing office.
4
Date
Enter the date this form is signed.