Know what is on your credit report
Know what is on your credit report and have an idea of what your credit score is. Request a free credit report and dispute anything that is incorrect and be ready to explain any gaps in payments.
Be prepared
Be prepared to discuss how much of your own cash you’ll be putting into your business if it’s a startup. If you’re not putting cash in, document the equipment or other assets you’re contributing that will be part of the business.
A personal guaranty to repay
A personal guaranty to repay the loan will be required and personal and business assets will be used as collateral.
Closing costs and fees
Know that a loan will come with closing costs and fees. Inquire if these costs can be rolled into the loan or paid out-of-pocket.
The 5 C's of credit
Your loan officer’s job requires that the review the 5 Cs of credit when evaluating your loan request: character, capacity, capital, conditions, and collateral.
OUR PROCESS
LOAN INQUIRY
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Provide information about you and your business
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Schedule a meeting with a loan officer
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Receive invite to the online loan application
APPLICATION
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Upload documents to online platform
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Credit Report
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Application completed
LOAN PROCESSING
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Review application
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Confirm Eligibility
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Identify discrepancies
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Verify borrower information
ANALYSIS
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Application underwritten
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Analyze income
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Analyze historical performance
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Determine ability to repay loan
DECISION
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Present application and analysis to loan committee
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Loan approved or denied
CLOSING
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Loan approval letter
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Collect final documents prior to closing
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Schedule loan closing
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Loan closed and funded
COUNSELING
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FREE 1 on 1 counseling throughout the life of the loan
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Access to online training portal
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Annual review and Site Visit
How to Prepare Your Small Business Loan Request
Here is a checklist of what you should have organized and ready to provide with your loan application. Additionally, you may find these templates useful to fully complete the required documents needed to apply to our loan programs.
