Welcome to the final stage of qualification! If you have made it this far in the small business loan process then things are looking good.
There are just a few more pieces of information that PADD needs from you before we can issue a commitment letter.
Finishing the Loan Process:
A detailed breakdown of total project costs, including:
Acquisition of real property or equipment
Building construction / Improvements to Property
Working Capital Needs
Three (3) years of historical financial statements on your small business, including:
Interim financial statements on your small business dated within 60 days of your business loan application (if not provided in Step 1 already).
Projected financial statements for your small business (if not provided in Step 1 already):
Operating projections for three (3) years, to include: Monthly spreads of income and for the first year and annual spreads of and cash flow
for the second and third years.
Include projections for repayment of the proposed loan and any other debt to be incurred.
Start-up balance sheet showing the proposed distribution of assets, liabilities, and equity.
Last three (3) years of personal tax returns
Personal resumé for each business owner
Possibly other forms and materials as determined by program regulations and/or individual circumstances
Once we receive all necessary
documentation and if no other problems arise, we will call on the Loan Review Committee (LRC) that will make the final decision about your loan application. After approval from the
LRC, we will issue you a commitment letter which will outline the necessary steps and requirements to close the loan.
All forms necessary to complete the application process can be found in an electronic version
Our website also offers various tools (loan
calculator, depreciation calculator, etc.) that can assist you in preparing the information necessary to complete an application.