What is the procedure for SBA Loan approval?
• Initial interview: with borrower to determine the feasibility of the proposal and to ensure that it meets the SBA’s and the lender’s guidelines. This is offered by us free of charge. • Additional Documentation: after initial Pre-Qualification, we will request more detailed financial information, such as tax returns, financial statements, and credit reports. This is also offered by us free of charge. • Preliminary Bank Approval: of the loan is obtained and the bank issues a letter of intent subject to verification of financial data and appraisals. • Loan packaging: After the letter of intent is issued by the lender, DGH Financial Services, Inc. will assemble the loan package. • Submission To Bank: for Final Bank Approval. • Submission To The SBA: for SBA concurrence and approval. • Funding: After the loan is approved by the SBA, closing documentation will be prepared. The applicant will sign all documents at the lender, and the loan will be funded.
