What is the process of obtaining a loan?

The Application Process for NWBDC/WBIC/NWREDF

These are the steps required for obtaining a loan from NWBDC- WBIC- NWREDF

  1. The applicant should start by developing or updating the company business plan in order to present a concise written document to both the primary (bank) lender and the NWBDC/ NWREDF/WBIC.
  2. The applicant should contact the lender to determine any additional information they may require besides the complete business plan.
  3. The applicant should contact NWBDC/NWREDF/WBIC to determine project eligibility and feasibility along with some possible finance structuring including private and public services. (Pre-application meeting/phone call.)
  4. The applicant should contact the lender to determine the maximum amount of financing on fixed assets that the bank can provide including the interest rate and terms of that amount. The applicant should also arrange for working capital needs at this time if it will be required.
  5. After obtaining a tentative commitment from the lender, it will be much easier for the applicant to complete the NWBDC/NWREDF/WBIC application if needed. Almost all of the information NWBDC/NWREDF/WBIC requires will already have been prepared for the bank, so it will only be a matter of filling in the numbers.
  6. While the numbers are important, it is even more important that those numbers be documented and that you explain all assumptions made in obtaining those numbers. Accuracy and detail are very important to the success of your application.
  7. The application, along with any supporting documentation, should be submitted to the NWBDC/NWREDF/WBIC at 1400 South River Street, Spooner, WI 54801.
  8. NWBDC/NWREDF/WBIC staff will review the application for completeness and try to clear up any questions that may be evident. The application will then be forwarded to the board before the next meeting.
  9. The board will formally review the application at its next meeting.
  10. The applicant will be informed of the board's decision as soon as possible. If a decision cannot be made, the applicant will be informed of exactly what additional information will be required.