Microloan Application   ($50,000 and under) Enterprise Loan Application   (greater than $50,000 and non-profit/community facilities loan requests)

 

Microloan Application Process:

The overall length of time typically depends on how quickly the applicant completes and submits all requested information. Applications with no activity for over 30 days will be canceled from the process.

Step Description
Submit Application Application Submission
Loan Officer Followup A Fresno CDFI loan officer will review the application and followup if there are clarifications or information missing.
Pre-approval Once it is verified everything is correct, credit is pulled and the application is pre-approved or denied based on the applicant’s credit history and stated information, through an automated credit analysis that looks at the entirety of the information submitted by the applicant.
Gather Documents If applicant is approved a document list will be provided. Applicant may submit documents via email, fax or secure upload (for confidential documents). Documents required depend upon the size of the loan request and status of the business and may include pay stubs, tax returns and bank statements.
Loan Decision Stated income is verified and the business plan (for businesses < 2 years) is reviewed. A final decision is made.
Close Loan Closing documents signed by all parties and loan funded. Payments received through automatic debit from your designated bank are required.

 

Enterprise Loan Application Process:

Step Description
Submit Paper Application Paper application and Personal Financial Statement is submitted
Loan Officer Followup A Fresno CDFI loan officer will review the application and followup if there are clarifications or information missing.
Eligibility and Credit Pull Once it is verified the project is eligible, credit is pulled and credit issues are addressed. This ensures something on the credit won’t hold up the application.
Gather Documents The following documents are required for all Enterprise loans:

  • 3 years tax returns (business & personal all owners > 20%)
  • Interim profit and loss statement
  • Current balance sheet
  • 2 months bank statements
  • Account receivable aging report (if applicable)
  • Work in progress report (if applicable)
  • Lease agreement
Underwriting Once a full packet is received the request is moved forward to underwriting. There are typically additional followup questions and documents required at this time.
Loan Committee A final decision is made by the Fresno CDFI loan committee. They meet every three weeks.
Loan Closing Collateral is verified and secured. Appraisals and environmental studies may be required. Closing may take place at Fresno CDFI offices or with a notary if the client prefers.
Disbursement Client submits invoices for payments to be made to 3rd party vendors (ie for large equipment purchases and tenant improvements). Disbursements are made to clients (for small purchases and working capital) and to vendors.