- Entrepreneurs complete the Impact loan application online, or by contacting the partner organization delivering the loan in their area. For the initial application we require information such as: personal contact details, personal assets and liabilities, a description of the business, any current business assets and liabilities, listing of principal owners, and projected business start-up (or expansion) costs and sources of financing.
- Once the application is submitted, a Loans Officer at the partner organization in your area will be in contact.
- To continue processing the application, your Loans Officer will request: a copy of your business plan, resume, driver’s license, projected financial statements, answers to additional questions, and permission to conduct a credit check.
- Once all necessary information has been collected, the Loans Officer will complete an assessment of the business plan and financing needs. This will then be submitted to a loan review committee for a final decision.
- A Loans Officer will inform you of the decision on your application. If approved, there are legal documents that need to be completed, but disbursement of loan funds usually follows quickly.
What is the Impact loan application process like?
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