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The Loan Application Process

Step 1:
Contact the Fund Administrator to discuss your project to determine if it meets the criteria of the program and obtain a copy of the application for funding.

Step 2:
Working with the Administrator, the business applicant assembles the package to be submitted to the Board for consideration and action that includes the items summarized in the application. If assistance is needed in preparing the financials or completing the business plan, the Administrator will assist and/or refer the applicant to appropriate partners/resources.

Step 3:
The Applicant submits all materials and application fee to the Fund Administrator for review. Once the application package is complete, the Administrator will prepare a summary (Loan Write-up) for presentation to the Board at their next meeting.

Step 4:
The Board takes action on the request. The Administrator will communicate the Board’s decision to the applicant, and if approved, send a Commitment Letter that details the terms of the loan offer.

Step 5:
Upon receipt of the signed commitment letter, and meeting of any conditions on the approval, the Administrator will move forward with coordinating settlement with the appropriate parties.

Step 6:
Documents prepared by the Fund’s legal counsel are executed at settlement and funds distributed to the client to implement the project.

Step 7:
Congratulations! You are now ready to move ahead with your project!

For more information on the Revolving Loan Fund, please contact our Fund Administrator, Christine Cleaver, at (610) 758-5803.