<aside> 🗒️ Outlined below is an overview of the process for Lending Partners that are referring applications. To view the presentation from the training, please use this link.

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Application & Review

  1. Lending Partner identifies a business within their network that they believe would benefit from access to a loan through the EFOD Lending Program.
  2. Lending Partner completes the internal steps to verify that this business is one that they believe can accept and handle the size of the capital requested.
  3. Lending Partner logs-in to LoanWell to complete the Referral Application, with the appropriate Referral Form. Step by step instructions with screen shots of this process can be found in the Application Process (Commercial) section in Notion.
  4. Business referred will receive an email notifying them that an application has been started. They will be directed to create an account in LoanWell and start their application. Step by step instructions with screen shots on this process can be found in the Application Process (Commercial) section in Notion.
  5. CCL will review the Loan Application and revert back within 5-business days on a decision.

Loan Closing

  1. The decision CCL makes on the loan will be emailed to the Business. If approved, the Business will be prompted to review the offer (loan terms) and must approve the offer in LoanWell in order to move forward. If they should have any questions, they can email [email protected].
  2. Once the Business approves the terms, CCL will create the Loan Documents. When the documents are ready to sign, the Business and Lending Partner will be notified to log-in to LoanWell and sign the documents.
  3. As the final step, the Business will need to complete a KYC check and connect their bank account within LoanWell.
  4. CCL will work with the Lending Partner and Business to coordinate around a closing date.
  5. The funds will be transferred to the Business' bank account via next-day ACH. The funds should be in their account the day after closing.

Loan Servicing & Monitoring

  1. Lending Partner will continue to check-in with Business Borrower at the regular cadence.
  2. CCL will send email payment reminders to Borrowers.
  3. CCL and Lending Partner will meet quarterly to discuss portfolio performance and specific borrower needs.
  4. When the loan is fully paid off, CCL will notify the Borrower and Lending Partner.