
Loan Process
All About the Process
There is a five-step process that we implement in order to take your loan application request to closing the loan and beyond. The process is set so the borrower will be aware of what is involved and helps manage expectations.
Step 1
Loan Application, pre-qualification
The loan application starts with contacting one of our loan officers and providing the necessary information requested (application). The loan officer will assist you in collecting all the information and will issue a letter of interest and likely visit the business or site to get a feel for your request. Once all the information is collected and the terms of the loan agreed, the loan will go to Underwriting.
Step 2
Underwriting / Credit Approval
The loan application starts with contacting one of our loan officers and providing the necessary information requested (application). The loan officer will assist you in collecting all the information and will issue a letter of interest and likely visit the business or site to get a feel for your request. Once all the information is collected and the terms of the loan agreed, the loan will go to Underwriting.
Step 3
Packaging
After the loan has been approved and commitment letter signed, the loan will be packaged as an SBA 7(a) loan, SBA 504, or USDA B&I loan. You will be provided with a closing check list, and we will begin preparing the file for closing. All third-party reports are ordered if not already and title opened.
Step 4
Closing
Once the Lender has approval from the SBA or USDA and is in receipt of the third-party reports, the file will be ready to close. The documents will be prepared, and a closing date will be assigned at your convenience.
Step 5
Servicing
After the loan is closed the bank will contact you periodically about meeting the servicing requirements. These ongoing requirements are necessary and the responsibility of the borrower.
Items that will be needed to complete your request:

Loan Application with management profile to be completed by each 20% or more owner.
Business Financials
- Federal Tax Returns (last 3 years)
- Interim business financials (income and balance sheet)
- Business debt schedule (form enclosed in Application)
- A/R and A/P aging reports dated same as interim balance sheet
Personal Financials (20% or more owner)
- Federal Tax Returns (last 3 years)
- Personal Financial Statement (form enclosed in Application)
- Personal Cash Flow Statement (form enclosed in Application)

Miscellaneous as it pertains to each deal.
- Executed copy of the buy/sell agreement or real estate purchase agreement
- Copy of Franchise agreement
- Copy of lease or proposed lease
- Copy of the contract/bid for work to be done (construction / renovations)
Legal Entity Documents:
- Sole Proprietorship – DBA name / assumed name
- Corporation – Articles of Incorporation and Bylaws
- Partnerships – Partnership agreement
- LLC – Articles of Organization and Operating Agreement