Grow Michigan Loan Application Process
Grow Michigan’s loan application process is relatively simple. In order to begin the loan application process, the loan application linked below will gather some basic information about your company and your financing needs. We will use this information to put together our investment recommendation package. This recommendation package is the information our chief credit officer and investment committee will use to understand your business and make a fast and informed decision. Some of the information utilized in our package includes a description of your products and services, an overview of key personnel and their backgrounds, a description of the market in which you operate (competition), and future plans for your company. The financial information requested on your business provides the key to understanding how your business has performed in the past and how it is likely to perform in the future. The following basic financial information will be required to evaluate your loan application:
- Balance sheet (statement of assets and liabilities)
- Income statement (income and expenses)
- Other relevant financial data such as accounts receivable aging or equipment lists.
By providing complete financial information, you help communicate your financial condition and the results of your operations to our underwriting team. The statements should be prepared in accordance with generally accepted accounting principles. A Certified Public Accountant or business consultant can assist you in preparing the necessary information.
In many cases, you will also be asked to provide a personal financial statement and personal tax returns for the past two years. This provides the lender with a clear idea of the relationship between your personal and business finances. Upon receipt of all necessary financial data, our underwriting team will then review your loan and begin the credit process.