What You’ll Learn
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- Get a better understanding of how to secure a business loan from Salal Business Services, from pre-application to repayment.
Whether you’re planning to expand your operations, purchase equipment, invest in a new venture, or manage cash flow, securing a business loan can be a big step toward achieving your goals. Understanding the loan application process can be a key to successfully obtaining the funding you need. In this article, we take a high-level look at what to expect when you’re applying for a business loan from Salal Business Services. Alright, let’s dive in.
Steps to Secure a Business Loan
Step 1: Determine Loan Type
Start by identifying the type of loan your business needs. Whether you’re seeking funding for equipment, working capital, or commercial real estate, understanding your needs will help you focus on the right solution. If you need some assistance deciding what type of financing is the best fit for your goals, we’re here to help.
Step 2: Check Loan Requirements
Before applying, check what’s required for the loan you’re considering. At Salal, you don’t need to be a member to apply, but membership must be established before funds are disbursed.
Step 3: Prepare Documentation
Gather key documents to streamline the application process. For most loans, you’ll need:
- Historical financial statements and tax returns.
- Business entity documentation (e.g., incorporation papers).
- Information on any collateral, if applicable.
Step 4: Meet with a Loan Officer
Your Salal Business Officer will meet with you to discuss the loan process. This can be done in person or remotely. During the meeting, they’ll do a preliminary review of your documents, ask clarifying questions, and ensure your application is complete.
Step 5: Submit Application
Salal provides a fillable PDF form for loan applications. Your Business Officer will give you this document and assist you with submitting your application if needed.
Step 6: Await Loan Decision
The review timeline depends on the complexity of your loan. Smaller loans typically take 4–5 business days, while larger loans may require 7–10 business days. Loans involving third-party services, like appraisals, may take longer.
Step 7: Loan Approval and Disbursement
Once approved, unsecured loans move quickly to funding after you sign the loan documents. Collateralized loans involve additional steps, such as resolving title concerns and obtaining third-party reports, before disbursement.
Step 8: Manage Your Loan
After funding, make regular monthly payments per the loan agreement. Depending on the loan size and type, you may need to provide Salal with periodic financial updates. Your business officer will guide you through any ongoing requirements.
Salal Credit Union Offers Business Loans
Salal Business Services supports businesses, including the cannabis industry, with tailored financing options, including lines of credit, equipment and vehicle loans, commercial real estate, and solar financing. With competitive rates, flexible terms, and quick funding, we help you grow while navigating industry regulations with ease.
