What is the Impact loan application process like?

  • 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.

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