How much money is required to be in a financial institution that will establish proof of financial ability to operate for the applicant ?
There is no set amount specified. It will depend upon your business plan. The applicant must have assets in the company name and provide evidence that all required application items have been budgeted such as the required personnel and start up costs. You must follow the instructions with the financial schedules in the application and complete all financial schedules, providing current evidence of sufficient assets, credit and projected revenues to cover liabilities and expenses for the first year of operation and a balance sheet.
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