Free Board Resolution for Loan Approval Template
Board Resolution for Loan Approval
I. Introduction
This Board Resolution for Loan Approval authorizes [YOUR COMPANY NAME] to enter into a loan agreement with TurboNow Bank to secure financing for operational expansion. The resolution is formally adopted by the board of directors on January 15, 2050.
II. Loan Approval
The board of directors of [YOUR COMPANY NAME], upon review and deliberation, hereby approves the loan agreement with TurboNow Bank for a loan amount of $1,000,000.00. The terms and conditions of the loan are as follows:
|
Loan Amount |
$1,000,000.00 |
Interest Rate |
5% Annual |
|---|---|---|---|
|
Repayment Period |
5 Years |
Repayment Start Date |
March 1, 2050 |
|
Loan Type |
Term Loan |
Collateral Provided |
Company Assets |
The loan will be used for general business expansion and operational costs.
III. Authorized Signatories
The following individuals are hereby authorized to negotiate, execute, and deliver all necessary documentation related to the loan:
-
[YOUR NAME], CEO of [YOUR COMPANY NAME]
-
Ronaldo Glynn, CFO of [YOUR COMPANY NAME]
This resolution also empowers the designated signatories to pledge collateral as required by TurboNow Bank and execute the loan agreement on behalf of [YOUR COMPANY NAME].
IV. Conclusion
With the approval of this resolution, [YOUR COMPANY NAME] is authorized to proceed with the loan agreement, effective as of January 15, 2050, and execute all related documents necessary for securing the funds.
For any further inquiries, please contact [YOUR NAME] at [YOUR EMAIL] or visit [YOUR COMPANY WEBSITE].
This resolution is adopted by the Board of Directors on January 15, 2050.
