Application Process Step 3 - Final Qualification
Application Process Step 3 - Final Qualification
 
 
       

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.

A detailed breakdown of total project costs, including:

   

 

  • Acquisition of real property or equipment
  • Building construction / Improvements to Property
  • Professional Fees
  • Working Capital Needs
  • Closing Costs
   

B.

Three (3) years of historical financial statements on your small business, including:

   

 

  • Income statements
  • Balance sheets
   

C.

Interim financial statements on your small business dated within 60 days of your business loan application (if not provided in Step 1 already).

 


D.

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.

   

E.

Last three (3) years of personal tax returns

 

 

 

F.

Personal resumé for each business owner

 


G.

Application Form

 

 

 

H.

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 here.

 

Our website also offers various tools (loan calculator, depreciation calculator, etc.) that can assist you in preparing the information necessary to complete an application.



 

 

Page last updated on Fri, 17 Jan 2014 16:53:00 GMT.