How to Apply
To begin the loan application process:
- Prepare your business plan
- Complete your financial statements and/or forecasts
- Contact our Business Loans Officer for an initial interview.
For on-line assistance in completing your business plan and financial forecasts, visit our Resources page. For personal assistance, contact our Business Loans Officer.
The initial interview is an information exchange where we provide you with an overview of our services and you provide us with an overview of your business plan and financing requirements. If you decide to proceed, the next step is to submit a loan application.
At a minimum, your loan application must include:
- Application for Financing (right click to download)
- Business Plan including Projected Cash Flow, Balance Sheet and Income Statements
- Personal Financial Statement for each partner / shareholder (right click to download)
- Copy of your Business Registration and/or Articles of Incorporation
- Copy of your Income Tax Return
- Copy of Birth Certificates of each partner / shareholder.
Upon review of your Loan application, you may be asked to provide additional documentation such as historical financial statements, aged listing of accounts receivable / payable, etc.
Our Business Loans Officer will analyze your loan application package and present it to the Investment Committee of our volunteer Board of Directors. All financing decisions are made by the Investment Committee at their monthly meeting. Financing decisions are based on the strength of your business plan, your ability to repay, available security, impact on job creation or maintenance and the impact on long-term growth for the community.
Fees, Interest Rates, Terms, Security and Reporting Requirements
An administration fee of 0.5% of the approved principal amount ($300 minimum fee) will be added to any approved loan.
Our loan interest rates, terms, security and reporting requirements are reflective of the level of risk involved and are assessed at the discretion of our Investment Committee.
Repayment terms can be customized to meet your business needs and will not normally exceed 10 years. The term of any loan will be determined by our Investment Committee based on your cash flow forecast and overall capacity. All of our loans are reviewed annually. Our loans are repayable in full at any time without penalty.
In all cases we seek to obtain adequate security to ensure repayment in the event of default.
- Promissory Note
- Real Property Mortgage / Assignment of Insurance
- General Security Agreement
- Personal Guarantee
- Subrogation / Postponement
- Assignment of Life Insurance.
Our loan clients are required to submit financial information to us regularly, throughout their fiscal year, for the duration of the loan. Annual financial statements must also be submitted.