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Rainy Lake Tribal Area Business & Financial Services Corporation.

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Lending Process

Introduction
During the Introduction phase, we get to know you, and you get to know us. We usually start by assigning a Business Support Officer (BSO) to work with you. They will ask you a lot of questions about your business, such as why you need a loan, and how you think it will help you grow your business. In this stage, we will also provide recommendations of other sources of financial support and business services, available to aboriginal entrepreneurs.

Application
During the Application phase, you will provide information about your business goals, your business plan, your financial needs and your work experience. All of this information will help build the case for your business loan. This phase can take a few weeks, or a few months, depending on the state of your business plan & how fast the client gets the information in order for us. Your BSO will work with you to help you complete the application, and steer you in the right direction for specific help, such as business plan writing. Please see our Examples section for more information on how to write a Business Plan if you haven’t already done so, or require help.

Selection
During the selection process, your BSO recommends your application to a Credit Committee. The Credit Commitee will consider the strengths of your overall plan, and your ability to succeed in your business. RLTAB&FSC takes this responsibility very seriously. We are here to help aboriginal business succeed. That means we only support businesses that have a solid plan to survive and thrive in the business world. If your application passes the criteria, your BSO will contact you, and present a formal letter of offer. If your application does not pass, your BSO will contact you to provide feedback, which may help you prepare for another application process.

Loan Acceptance
When your loan application has been accepted, you will receive an official letter of offer, which you will sign, agreeing to pay back the loan. Your BSO will set up your payment plan with you, and will be in regular contact with you to ensure that your payments are being met. You will also be required to sign a Loan Agreement, General Security Agreement and Promissory Note.

Business Support
As you continue to run your business and pay back your loan, your BSO will provide you with any support on what you may need. He/She may also provide referrals for business services such as staffing, training, accounting systems and other areas that will help your business grow.