In this phase, PADD will need certain information from you to get the loan application process rolling.

Please provide us with the following general info depending on whether your small business is a Start-Up / New Business (less than 2 years operating) or an Existing Business (2 years or longer in operation).

Start-Up / New Businesses

Existing Businesses

• Signed authorization for credit and background inquiry for each business owner

• $20 Payment to obtain Credit Report

• Signed current personal financial statement for each business owner

• Brief description of use ofloan proceeds and collateral to be offered

• A completed Business Plan (including financial projections for 3 years)

• Signed authorization for credit and background inquiry for each business owner

• $20 Payment to obtain Credit Report

• Signed current personal financial statement for each business owner

• Brief description of use of loan proceeds and collateral to be offered

• Latest fiscal year-end business financial statements

• Latest interim business financial statement (less than 60 days old)

• Debt Schedule for business

Upon receiving the information:

After your information has been received, our staff will move quickly to evaluate your application and provide you with an assessment. Typically, you will receive a reply concerning PADD's interest in your loan request within 5-7 days. A positive response from PADD regarding your loan request means that you can move on to the next phase of the small business loan process, Final Qualification, where you will be asked to provide more information.

To expedite the loan process, please ensure that you have avoided these common mistakes when preparing your information:

Personal Financial Statements:

• Include all liabilities that you owe on your personal financial statement. Remember that PADD will obtain personal credit reports to verify o utstanding personal debt of all the parties involved in the transaction.
• List all debts that you have co-signed or guaranteed.
• Accurately state your gross income. PADD will compare your stated income with personal income tax returns.
• Realistically assess the market value of the real estate that you own.

Business Financial Statements:

• Ensure that the financial statements balance.
• Always send both a balance sheet and corresponding income (profit and loss) statement to PADD for each period required.

If you provided all information necessary to complete Step 2, you can move on to the Step 3 - Final Qualification.