Business Impact Northwest (BINW) Pre-qualification Loan Application Process
Available To Protégés Of The Washington State Department Of Transportation (WSDOT) And Sound Transit Capacity Building Mentorship Program (CBMP)
Step
1
SUBMIT AN APPLICATION
Step
2
FLAGGED FOR REVIEW
Step
3
CONNECT WITH A LOAN OFFICER
Step
4
SUPPORT & RESOURCES
THE LOAN APPLICATION PROCESS
1
- Interested Protégés submit an application at Business Impact North West.
2
- MBDA office to notify via email christophers@businessimpactnw.org and domoniquej@businessimpactnw.org of your Business name, as well as their CBMP Cohort number, to be flagged for a 3-day review. CBMP applications receive priority review. New applications are typically reviewed every Wednesday, receive notification of loan acceptance or denial on Fridays, and are not guaranteed priority review.
3
- Within 3-days of submitting a loan application, the client will be contacted via BINW email and connected with a loan officer and a loan readiness business coach. At this time, the loan officer will identify any additionally required information needed. The assigned loan readiness business coach will assist the client in gathering and creating any documents requested by the loan officer.
4
- If the loan officer and loan readiness business coach find that the client requires additional CPA support, MBDA will provide the client a listing of professional support resources to ensure the client has the best possible chance to achieve loan approval.
NOTE:
BINW cannot guarantee loan approval but will work with each client on a case-by-case basis to ensure they are given priority review and access to additional support resources throughout the loan process. The client loan approval should anticipate the process will take 2-6 weeks before the disbursement of their funds. The process is heavily dependent on how quickly requested information is provided to a loan officer and the unique underwriting requirements of the loan.