This is what
we do!
Our approach to
small business funding and support is to assist our clients in a
step-by-step process that will assure that all necessary documents and
procedures are followed according to lender requirements.
CEL strategy is to establish a professional relationship with each
client. We first accomplish this by providing our clients with all the
information and forms they need to engage us in a professional service
leading to the funding of their application.
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Pre-application Form and
Confidentiality Statement:
The first step in the process is for you to tell us a little about
yourself and business. You complete the pre-application form along
with the confidentiality form and mail it back to us with the
application and pre-business assessment fee of
$45. You are now set up in our client tracking data base. After
we receive your pre-app we email you the business loan application
and a professional services agreement and scope of work.
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Professional Services Agreement
and Scope of Work:
After assessing your business requirements we email you a PSA and
SOW along with the business loan application. You complete the
business loan application (fill-in pdf format) print it and mail it
back with the PSA.
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Our
Deliverables
:
(1) We review your business loan
application completeness and accuracy. Any omissions, discrepancies,
etc. we consult with you and clear those before submission. After
you clear the credit score phase (2) we begin the business plan
development and financial projection services. We use business
templates that have been highly regarded by the lender. So our
format has been tested and proven effective. Then (3) we have you
complete all the other required documents and review them for
completeness and accuracy and submit to lender. Then (4) you review
the business plan and financials and approve them. We submit those
documents to the lender for underwriting and funding. It is as
simple as that.
Community and Patriot
Express Loan Process
Step One- Application
This requires an application and a Personal Financial Statement, both of
which are included in the loan package email. Once submitted, it takes
approximately 3-4 business days to pass the credit screening.
Step Two- Quick
Underwriting
The second step is an underwriting process. For this you will be asked to
sign a ‘request for a tax transcript’ so that the bank can verify your
historical personal income. You will also be asked to provide a business
plan and 24 months of projections. We have templates for the business plan
and projections which we would be happy to provide if needed. The
underwriting portion of the process usually takes about 2 weeks.
Step Three- Closing
If
your loan application clears underwriting, you will be sent a check list of
items to complete the closing process. Once all the items on your checklist
are cleared, assuming there are no additional conditions, the bank will
usually produce your signing documents in less than a week’s time. Signing
documents can be executed at the CDC or on your own. They will usually be
emailed and include a Pre-Paid FedEx slip. Funding dates are generally 3-5
days after signing documents are sent from the bank.
The entire loan process can take anywhere from 3 weeks to 6 weeks depending
on how quickly you get the requested items back to us. Borrowers who
have their documents in order can complete the loan closing process in about
4 weeks. If you take longer than 3 months your credit will have to be
re-pulled before you are given an additional 3 months to complete the
process.
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