Why must I come to a loan committee?

All final loan decisions are made by HFLA of Northeast Ohio’s loan committees. These decisions are based on your financials, but also off of you and your story. We want to meet our borrowers and understand their situations! We meet twice a month and require our applicants to come in for a brief (15-20 minute) interview. If you are far out of our service area or have difficulty with transportation, our programmatic staff will make alternate arrangements with you.

How long does it take to process an application?

It typically takes 5-10 business days to process a complete application. However, this process may take longer if an application is turned in without complete information or supporting documentation. Due to the overwhelming need for support in the midst of the COVID-19 pandemic, application volume has increased dramatically and processing times have been extended to reflect that increase.

Business loan requests do require much more paperwork, and it does take us a bit longer to review these loan packets! We will do our best to keep you informed throughout the review process so that you know where you stand.