Applicants fill out and submit our loan application online (click here for a worksheet to help you prepare and gather all necessary information) and pay an application fee. Staff reviews the information and performs a credit check and will reach out to you to inform you of the result of this initial review.
If your request is advanced, we will send you a list of required documents to verify all information provided. Click here to see a sample list of required documents. Once a complete package is received, staff underwrites the request and may schedule a site visit and meeting with a member of our staff for a further and more in depth, face-to-face business assessment.
Final decisions on all loans are made by our loan committee after an in person meeting with the applicants. We generally try to arrange a meeting at least once a month as soon as a client is ready for a decision (all documents received, request has passed underwriting and site visit has been made) – submitting all your documents as quickly as possible assists greatly in speeding this up. Meetings are held in the evening in our office in Hawthorne.
If a loan is approved, loan closing takes place 5-10 business days after the committee meeting, depending on the conditions that the loan committee might place on the loan approval.