Small Business Loan Process: Your Path to Financial Success

At HBDi, we have honed our small business loan process to perfection, leveraging over 25 years of experience in serving the financial needs of small businesses. We understand the importance of efficiency and transparency when obtaining the funds necessary for your business growth. Here’s a detailed breakdown of our streamlined process:

Loan Application Process

• Initiate the process by contacting an HBDi loan officer or submitting our convenient online contact form.
• Within 24 hours, an HBDi representative will personally reach out to discuss your financing needs and guide you through the following steps.
• Your dedicated loan officer will thoroughly assess your requirements and recommend the most suitable HBDi loan product tailored to your business needs.
• You will receive a comprehensive loan application, which can be downloaded from our website.
• To proceed, compile and provide the required documentation, including recent interim financial statements (not older than 90 days), fiscal year-end financial statements for the past three years, business federal tax returns for the same period, and, if applicable, a detailed business plan with projections. If your loan is for real estate purposes, we will need a copy of the purchase agreement.
• Depending on your requirements, we may request additional information relevant to your loan request.

Underwriting

• Our experienced underwriters will thoroughly review and analyze your application, examining key factors such as your business financials, creditworthiness, and loan request details.
• During this underwriting phase, prompt responses to any inquiries or requests for clarification will expedite the process and contribute to a faster turnaround time.
• HBDi is committed to promptly providing you with a loan decision, typically within 72 hours of receiving all the necessary information.

Approval & Commitment

• Your loan officer and underwriter will present your loan request to our credit committee for a comprehensive review and evaluation.
• Upon approval, your dedicated underwriter will prepare a detailed commitment letter outlining essential terms and conditions such as the loan amount, interest rate, collateral requirements, equity contribution, and other pertinent information.
• Both your loan officer and underwriter will be available to address any questions or concerns you may have regarding the commitment letter, ensuring your complete understanding and satisfaction.
• Once you have reviewed and approved the commitment letter, sign and return it to HBDi, indicating your acceptance.

Loan Closing

• Upon receiving your signed commitment letter, our closing attorney will initiate the loan closing process.
• Our expert team will prepare all necessary closing documents while coordinating activities such as appraisals, environmental assessments, title insurance, and lien searches.
• Your designated closer will provide a comprehensive checklist of all the items required for the closing process, guiding you through each step.
• Timely fulfilling the checklist requirements is crucial to expedite the loan closing, typically within 7-14 days of receiving your signed commitment letter.
• At the scheduled closing, you will be guided through the signing of all essential loan documents, and upon completion, the loan proceeds will be disbursed per the transaction documentation.