Once a loan has been approved, what is the disbursal process of the loan?
MCNW, as a non-profit organization, does not write a check or transfer funds directly to you once a loan has been approved. Instead, we utilize the budget that was approved by the loan committee detailing specific uses of funds, and we disburse to third party vendors. So, you obtains a price quote, invoice, purchase order or other documentation of a purchase that identifies the item or items being purchased, the price, and the seller’s contact information, and a check for the purchase price is written and sent directly to the seller. In the case where you are making multiple small denomination purchases, we can reimburse you for those purchases after they have been made based on the receipt from the transaction.
