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Loan Process
PrePre-Application
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Determine if project is eligible
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Initial meeting with banker & borrower
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Bank approval & commitment letter
PrePackaging/SBA Approval
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SBCC obtains required documents from borrower & banker
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SBCC submits package to SBCC board for approval
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SBCC submits package to SBA for approval
PreInterim Financing
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504 Loan Authorization issuedborrower
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Appraisal & environmental requirements submitted
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Interim financing provided by bank
PreClosing/Debenture Sale
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Project construction is completed or occupying building
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504 loan is closed, debentures are sold, bank is paid down
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At this time the borrower will have two loans; SBCC will service the SBA loan
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