The first step toward loan approval is to contact an ACCG Lending Team Member. Typically, this will be a Loan Officer but in some cases it may be another member of the ACCG Lending Team. Our Lending Team Members are:
A Loan Officer will discuss your financing needs with you and determine the best loan structure for you and your business needs. If a loan structure is agreed upon, the next step is the completion of an ACCG Lending Loan Application. Your Loan Officer will help you complete the ACCG Lending Loan Application.
From the initial conversation between you and an ACCG Lending Team Member you should have a good idea whether or not your borrowing needs are going to be a good fit with our different loan products. If it appears to be a good fit, we will ask you for the following information in addition to a complete ACCG Lending Loan Application:
We are here to make the process easy for you. Any ACCG Lending Team Member stands ready to assist you gather this information or answer any of your questions.
Once your ACCG Lending Loan Application has been received and reviewed by an ACCG Lending Loan Officer, a Proposal Letter will be generated for your review and execution. This Proposal Letter will document the proposed loan structure, loan amount, interest rate, collateral, equity as well as other requirements, and request a Good Faith Deposit. After you have reviewed the Proposal Letter, you will need to sign and return it, along with the Good Faith Deposit to your ACCG Lending Loan Officer.
Upon receipt of the executed Proposal Letter and Good Faith Deposit, your Loan Officer will analyze your business along with your loan request, and prepare a Credit Memorandum that represents your business and loan request to the ACCG Lending Loan Committee. During this underwriting process, your Loan Officer may need to contact you regarding questions that may arise during the analysis of your business. The faster you respond to these questions, the faster the underwriting of your loan request will be completed.
As part of the underwriting, ACCG Lending will request (from third parties) consumer and business credit reports, income tax verification, and initial environmental screenings (if real estate is involved). The estimated cost of these four reports is $250.00. Additionally, if an SBA, USDA, or SBA Express Loan Guarantee is required, a packaging fee of $1,000 for an SBA application, $1,000 for a USDA application, or $500 for an Express application will be charged. Your Good Faith Deposit will be used to cover the cost of these required expenses.
Normally, a complete loan application can be underwritten within 5 business days. Failure to submit timely and/or complete application information can substantially delay this process.
Normally, the ACCG Lending Loan Committees meet every 2nd and 4th Friday of each month. This may change due to holidays and events beyond our control.
Your Loan Officer will present your loan request to the ACCG Lending Loan Committee. If approved, your loan request will move into packaging if an SBA or USDA Guarantee is required.
At this time, appraisals and further environmental reports, if necessary, will be ordered, reviewed and approved. Costs associated with appraisals, along with further environmental investigations, will be paid by the loan applicant separate and apart from the Good Faith Deposit at the time the services are requested by ACCG Lending.
Once we have received SBA's or USDA's written approval, if required, all appraisals, environmental reports, and your loan request will be assigned to our Closing Department. Your loan should typically close within 30 days from the receipt of all required third party items.
The closer will provide you with a checklist of all required items, if any, to close your loan and will work with you to collect these items.
The closer will also be available to answer any questions you may have about the process and required closing items. The faster these checklist items are received, the faster the loan will close.
After the successful review of all items requested on the checklist, the loan closing is scheduled. The Closer will contact you with the time and place of the closing and discuss any items required at the closing. Once all loan documents have been signed at the closing table, your loan proceeds can be immediately disbursed.
From start to finish, providing the submission of timely information, your ACCG Lending Loan Processing should not exceed 45 - 60 days, depending on the complexity of the transaction.