[LoanGuy]

Some lenders require that they look at the secretary of state site to see if business is in good standing and has filing with the state that is up to date. Seems like an unnecessary step because late filing is fairly common and doesn't indicate high risk potential. Do all lenders check this or are there some willing to fund these businesses that just want to go through hassle and cost of updating the state's filing?

[channin19]

Some lenders require that they look at the secretary of state site to see if business is in good standing and has filing with the state that is up to date. Seems like an unnecessary step because late filing is fairly common and doesn't indicate high risk potential. Do all lenders check this or are there some willing to fund these businesses that just want to go through hassle and cost of updating the state's filing?

Even your high risk lenders will ask for this.

[LoanGuy]

Why is that? Is it a legal requirement or do they believe it reduces default?

[jason]

IANAL, but I'm guessing that they feel the loan agreement isn't enforceable if the borrowing company isn't an entity in good standing at the time the agreement is signed.

[Regium]

Depending on the state, it doesn't cost much nor take much time to correct an inactive entity due to late filing
I've seen it happen within 2 hours of request, but I'm sure it can take much longer in other states

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