The Lending Process

1. Gather Information About Your Business

To apply for a loan with CIFI, we will need a variety of documents that will help you complete the loan application and help us understand your precise financing needs. Use the printable checklist to make sure you have all the information to speed up your online application approval.

2. Documentation Needed

In order to give you full consideration, you will need the following documentation. It should be included and uploaded with your loan application. Please provide the following:

  • An existing business should include tax returns for the last 3 years or for the time since the inception of the business if less than 3 years.
  • Start-up businesses, in place of tax return information, will require a business plan. See the resource section for a business plan outline and questionnaire. ISBDC can also assist with the development and refinement of the business plan. Sign-up here.
  • Personal tax returns for the last 3 years along with a current Personal Financial Statement.
  • Year-to-date financial statements to include Profit and Loss Statement and Balance Sheet.
  • Detailed information on accounts receivable and accounts payable, investments, and fixed assets.
  • Financial projections for 3 years going forward. ISBDC can assist your company in completing your projection.
  • Copies of major contracts with customers and vendors. You may be required to submit copies of existing and proposed leases.
  • Other important information, if applicable, such as patents or proprietary information.
  • Resumes for owner and key management.

3. Submit Your Loan Application

After you gather your documents, complete and submit your loan application online with required attachments. CIFI has an experienced team of professionals who are ready to assist you with your application submission.

4. Ask and Answer

A CIFI business development officer will perform an initial review of your submission. We will contact you concerning any question or missing documentation. CIFI strives to gain a clear understanding of your business operation and the financing you are requesting.

5. Analyzing Your Loan Request

Once we determine your loan package is complete, evaluation and analysis will be performed. A CIFI representative will contact you to provide you with a time estimate on loan approval, and the loan closing process begins. A member of our lending team may also contact you to arrange a visit to your business and/or project site.

6. The Loan Decision and Term Letter

After the loan approval, CIFI will issue a term sheet that outlines the details of approved financing and any conditions, including post-loan reporting requirements. Your acceptance of the terms and conditions offered will be followed by the loan closing and disbursement of funds.

7. Post-Loan Reporting Requirements

A CIFI team member will outline reporting requirements at loan closing.

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