Approval Process

Keep in mind each situation is unique, and each loan application proceeds at a different pace depending on complexity of the application among other factors. The following are general steps that an application passes through on the way to a funding decision:

  • Initial discussion with Director or Loan Assistant to determine fit for the NLF
  • Compile and Submit all items on Application Checklist for a complete Application Package
  • Assessment of: Capacity to repay, Collateral, Character (experience and abilities), Capital (equity into the project) and Conditions (purpose, industry, competition, etc.)
  • Recommendation summary prepared by Director or Loan Assistant
  • Business Site Visit and collateral review
  • Loan Committee* Review, Presentation and Vote
  • Additional Approvals may be required per Funding Source(s) or amounts.
    Note: over $100,000.00 may add 2-4 weeks for additional approval process. Complete any remaining conditions or documentation required.
  • Loan Closing and Funding

*Loan Committee Members are business owners and leaders from each of the nine Northwest Colorado counties served by NLF.