Direct Loan Process Overview
Most small businesses rely on lenders for capital to start or expand their business. To meet their funding requirements, borrowers often utilize multiple business loan programs. When you partner with us the total funding package can be a combination of two loans, one from your commercial lender and from Wyoming Capital Wyoming Capital Access, or the project can be funded entirely by Wyoming Capital Access. We are here to guide you through the process.
Wyoming Capital Access will help the borrower choose whether an SBA 504 Loan or Direct Loan is most beneficial. A Direct Loan is up to $250,000.
Once you have identified the scope of your small business project, we suggest the following course of action:
WCA Direct Loan Process Guidelines
- Contact your commercial lender or Wyoming Capital Access to determine if your project fits the Direct Loan guidelines.
- Click on Online Application to start the application process. A Personal Financial Statement, Business Plan, Business Tax Returns for the last three years (if applicable), Personal Tax Returns for any owner greater than 20%, Projections if the business has less than 2 years of performance, Business Organization Documents and other documentation may be required.
- The Wyoming Capital Access loan officer will analyze your information for underwriting purposes.
- Once underwriting is complete, Wyoming Capital Access seeks loan approval from its local credit committee.
- For instances where a lender is involved, the commercial lender initially funds the purchase of the property and any construction. Once the purchase is complete WCA closes and funds the Direct Loan, which pays down the bank.
Call us today with any questions regarding your project.