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How to Use the Contractors Loan Guarantee
- Develop a Business Plan.
- Provides a blueprint for your business operation.
- Details how you plan to accomplish your goals.
- Make an appointment with a Contractors Loan Guarantee (CLG) Lender.
- Complete the Loan Guarantee Application jointly with your lender.
- Additional documentation your lender will need to complete the application package:
- personal financial statements from all individuals with a 20% or greater ownership interest in the business (the statement(s) must be completed, signed and dated within 90-days of the application date);
- resumes of all owners and other key management personnel;
- project documentation; i.e., copy of the contract or purchase order;
- the last three years' audited or reviewed financial statements or Federal tax returns and all supporting schedules of the business;
- interim financial statements (Balance Sheet and Income Statement) dated within 90-days of the application; and
- a cash-flow analysis of the contract or purchase order showing all projected receipts and expenses.
- Have your lender send the application package to WHEDA® for review.
- You can expect to receive a decision within 3 - 6 business days.
- Close your loan.
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