TRAINING CALENDAR

Common Questions About Getting Started With a Business Loan

Who can apply for a business loan?

Enrolled community members of the Salt River Pima-Maricopa Indian Community age 18 and older.

Are there application or other fees?

There is a $150.00 application fee and typically a 2% processing fee. Closing fees will depend on the type and dollar amount of the loan. All fees are payable from loan proceeds at closing.

What terms are available?

Currently we have a closed end, fixed rate, installment loan available.

Will I have to submit tax returns?

Yes. Two years of personal tax returns are required for new businesses. Existing businesses also have to provide two years of tax returns and possibly other financial information.

When will I know if I am approved?

Once all required documents have been received and underwriting has been completed, the loan will proceed to the Loan Review Committee for the decision process. Once a decision has been made, you will be notified immediately.

How do I know if I am ready to start a business?

Do I have a business idea that I have a passion for? Do I have a business plan?

What responsibilites do I have during the lending process?

To ensure that you will not fall victim to loan fraud, be sure to follow all these steps as you apply for a loan:

  1. Be sure to read and understand everything before you sign.
  2. Refuse to sign any blank documents.
  3. Do not overstate your income.
  4. Do not overstate how long you have been employed.
  5. Do not overstate your assets.
  6. Accurately report your debts.
  7. Do not change your income tax returns for any reason.
  8. Tell the whole truth about gift funds.
  9. Do not list fake co-borrowers on your loan application.
  10. Be truthful about your credit problems, past and present.
  11. Do not provide false supporting documents.
December 2017
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