Business assets- equipment, inventory and/or receivables
Application fee: $25 due at time of application (includes cost of credit report)
Origination fee: $200, due at time of closing and may be paid from loan proceeds
Legal fee: varies according to size and purpose of loan and may be paid from loan proceeds
Other fees: In addition to the above, borrower is responsible for all closing costs assiciated with a loan, including, but not limited to, filing, recording and title fees.
No Pre-Payment Penalty
Financial reports (monthly, quarterly or annually, as required by the Community Loan Fund)
Annual tax returns
Report on job creation and impact on community (as requested)
Other information as requested by the Community Loan Fund
Prospective borrower identifies need and contacts the Community Loan Fund.
Staff informs prospective borrower about loan products and other services.
If appropriate, prospective borrower completes loan application, including development of business plan, if applicable.
Application submitted to the Community Loan Fund. After initial review, additional information may be requested.
Staff orders a credit report and begins underwriting the loan. Additional information may be requested.
When application is complete, Loan Officer presents to a Loan Committee and, if necessary, to the Board of Directors.
If approved, a commitment letter is issued. Borrower signs indicating acceptance of proposed loan terms and conditions.
Community Loan Fund coordinates the loan closing, which may be at our office or our attorney’s office.
After loan is made, staff services and monitors the loan.