The Loan Process

The prospective borrower determines how fast or slow their loan request proceeds through to a successful loan closing. MGCC does not use a loan application, but does request the same information from all prospective borrowers.  See GETTING STARTED . Preparation and delivery of complete information speeds the process.

Step one:

MGCC learns of loan requests in many ways:  directly from a prospective borrower, from a bank, by referral, by a Loan Officer’s contact, through another State Agency, etc.

Step two:

An MGCC Loan Officer is assigned, and informs the prospective borrower  of the  basic information  required. The Loan Officer schedules a visit to the company or speaks with the company by phone and prepares a one page summary of the request.

Step three:

The Loan Officer meets with the Chief Lending Officer and the Chief Investment and Risk Officer to discuss the credit.

Step four:

The Loan Officer schedules a visit to the company, begins the underwriting process,  negotiates terms with any other lenders, proposes a loan structure to the borrower, and prepares a loan proposal for the MGCC Credit Committee

Step five:

The Loan Officer makes a presentation to the MGCC Credit Committee.

Step six:

If approved by the Credit Committee, a commitment letter is issued to the borrower, and when that is executed the loan enters the closing stage and funds are disbursed according to the loan terms.