A Step-By-Step Look at SBAC’s Loan Process

While SBAC’s lending process has always been available to you on our website, we wanted to sit down with Loan Officer Nate to provide some more details inside that process. We are hoping the walkthrough below can shed some light and ease any anxiety you may have about applying for a small business loan through SBAC.

STEP 1: Submit Application

Description: The loan application is submitted through the online portal with uploaded
documents.

Nate’s Notes: Before business owners submit their applications, I like to provide them with a
brief list of documentation needed to support their loan requests. These items can actually be
sent to me directly or uploaded through our application portal through the SBAC website. You
can even download that checklist of documents yourself and then begin the application process.

STEP 2: Loan Application Review

Description: Your application and documents are reviewed to determine eligibility.

Nate’s Notes: The confirmation and review of your documents can be different for each
business owner. The documents needed for startup businesses are different from the
documents needed for established businesses. However, startup or not, the universal
documents every business needs to provide are the same: business plan, business license, and
financials.

STEP 3: Meet with Loan Officer

Description: A loan officer will be assigned to discuss your business and financing options.

Nate’s Notes: Once eligibility is confirmed, I officially get to meet with you! We will discuss
SBAC’s loan programs and then determine which program fits your needs best for your loan
request. For example, loan requests for $50K and less might be best suited for our Microloan
program, but if your business is located in a rural area, the better fit may be our USDA Rural
Loan program. When we meet, we will discuss all of your options, but in the meantime, you can
review the variety of different loan programs we offer on the SBAC website.

STEP 4: Loan Underwriting

Description: Your loan request is thoroughly reviewed. Additional information and documents
may be requested.

Nate’s Notes: This may sound tedious, but underwriting simply uses the documents you
provided to SBAC along with the loan program we agreed was best to create and frame your
loan structure, terms, and payment. Don’t worry, you don’t need to do anything during this step!

STEP 5: Loan Committee Review

Description: The Loan Committee will meet at least once a month to vote on loan approval.

Nate’s Notes: Again, don’t stress about this step! The SBAC Loan Committee is comprised of a
diverse group of business professionals. Your loan will be presented for discussion and approval
at this stage.

STEP 6: Loan Closing

Description: The Loan Closer will coordinate the closing process and disburse your loan funds.

Nate’s Notes: Once your small business loan approval is confirmed by the committee, I will
introduce you to the closing officer, who will proceed to funding. What happens after you meet
the closing officer for funding? Well, stay tuned for our next walkthrough