Loan Approval/Closing Process

1. Application Inquiry (initial phone screening): required before submitting formal application
   
   
2. CCLF Sends Application/Package
   
   
3. CCLF Receives and Reviews Application: needs to be submitted by the deadline (usually 3 to 5 weeks before the loan committee meeting)
   
   
4. CCLF Checks for Completeness and Feasibility: may request supplemental information
   
   
5. CCLF Issues Letter of Interest if necessary
   
   
6. Underwriting & Follow-up: site visit, check references, clear up unresolved issues and obtain any further information needed; usually takes 1 to 6 weeks (depending)
   
   
7. Loan Committee decision/recommendation: approval with conditions, reject, or table for further discussion pending further information
   
   
8. CCLF Notifies Applicant regarding Loan Committee decision
   
   
9. CCLF Provides Recommendations/List of Contingencies
   
   
10. Board Approval at next scheduled meeting: sometimes further information is needed from applicant prior to meeting
    
    
11. Commitment Letter Sent: states specific terms and conditions of the credit; must be returned within specific time period
    
    
12. Closing Deliverables Process: the faster the applicant submits documents to satisfy the list of contingencies, the sooner funds may be disbursed
    
    
13. Certificate of Secretary Submitted: certifies that the applicant's board of directors has authorized acceptance of the loan and indicates who may sign the loan documents
    
    
14. CCLF Drafts Loan Documents: upon receipt of signed commitment letter, our lawyers prepare the documents and filings;
    
    
15. All Parties Review Loan Documents: once acceptable to all parties, the loan can be closed and the funds disbursed
    
    
16. Loan Closing (Disbursement): through escrow accounts for all loans over $5,000; dependent on how quickly closing deliverables are fulfilled, complexity of transaction, and other factors
    
    
17. Repayment & Monitoring: submit monthly interest and/or principal payments as required, as well as periodic reports and financial statements; occasional phone calls and/or site visits

Have questions? Feel free to email us or call 312.252.0440 ext. 208.

Application Deadlines
CCLF accepts applications throughout the year. Email the lending team or call 312.252.0440 ext. 208 for more information about upcoming deadlines.

Learn more about our loan approval and closing process: Frequently Asked Questions (FAQs)?