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Do it yourself
When you complete the questionnaires and upload documents the LoanBox algorithms match multiple points and calculations of your loan package and filters against the key qualifying requirements of each lender. LoanBox shows the lenders your loan qualifies for with 99% accuracy (based upon the accuracy of the loan package inputs). Select the grant access button and the lenders you pre-qualify for will be notified and access your loan package within LoanBox. You receive loan proposals from the interested lenders and select the winning lender/loan proposal. All of the additional documents and process steps for the lender you select are on the LoanBox Manager.
Get Support
All of the support needed from robust FAQs, AI Lending Assistant Chatbot, videos, and detailed explanations are available to access. You have direct access to the lender you're using, receive app-to-app messaging, easily upload additional requested documents, and have your completed loan after it closes safely stored for your access in the LoanBox vault if you want. When ongoing annual covenants (that all banks have with business loans) like providing annual tax returns and updated PFS is easily managed by LoanBox. Receive reminders and upload to the same place you did everything else within LoanBox or you can always send to the lender direct.
Have us do it for you
Although the app is easy enough to do everything yourself (especially with our Loanology support tools) some prefer someone to just take care of everything for them. A LoanBox Advisor is a friendly human who supports you and and helps handle everything about your loan for and with you. Loanology Advisors provide free advice, guidance, and hand holding from beginning to end. They manage the process with the lender. The borrower's primary responsibility becomes completing the loan application information and uploading the needed docs throughout the process as required.
Streamlined LoanBox Lending
Questionnaires
At LoanBox, we've streamlined the loan process by utilizing detailed questionnaires to gather the necessary information. These answers automatically populate into the core loan package documents.
Though the exact documents may slightly vary depending on the loan type, here is the essential list of documents for a loan package:
Application: Simply complete the questionnaires, and a comprehensive application usable by all lenders is generated.
Personal Financial Statement (PFS): Your answers to our questionnaires will also generate a PFS acceptable to all lenders.
Financial Docs: Securely upload your tax returns and current year's P&L statement through our document manager.
Loan Package
Having an organized and complete loan package is imperative whether you're navigating the process independently or utilizing a LoanBox Advisor. Within the portal, you'll be required to answer a series of questions and upload necessary financial documents. These answers and documents are then systematically compiled into PDF formats within your portal. LoanBox's advanced matching algorithms will identify lenders you qualify for based on your loan package and provided responses. You have the option to select one or multiple preferred lenders to review your loan package and invite them to submit loan proposals. Rest assured, your loan package remains securely housed within LoanBox, and access is granted to lenders within the same secure environment.
Loan Proposals
Once your loan package is ready, lenders can securely access the documents and respond with their loan proposals. Each proposal follows a standardized format, enabling you to easily compare key information across proposals. When you are ready to accept an offer, you can finalize the process with a simple click and e-signature. To aid in your decision-making, detailed information and videos about each preferred lender are available for review. Should you opt to work with a LoanBox Advisor, they will offer insights into which lender is best suited for your specific loan needs at the current time. Nevertheless, the final choice remains yours.
LoanBox Manager
The integration of preferred lenders within the LoanBox system ensures a seamless transition through the loan process. Upon selecting a lender's proposal, the Loan Manager tool generates the necessary steps and documents required for each stage of processing with that specific lender. The Loan Manager provides real-time tracking of your loan's progress, indicates required documents and their deadlines, and features a time-stamped message board for updates and notes from the lender. Additionally, it allows for the secure upload of documents, ensuring that only your selected lender has access.
Determining the Right Lender for Your Business Loan
While there are hundreds of related factors and nuances in selecting the right lender right the first time, it really comes down to 3 fundamental questions about the bank for how the bank relates to you. LoanBox matches a business to the SBA lender(s) based on 3 primary categories of lender selection: experience, focus and criteria. These three factors determine many different outcomes.
Is the bank experienced with businesses like mine?
Past Experience:
Expertise and experience providing loans to other business owners in your same industry, business type and age, location, and loan amount needed. LoanBox filters every SBA lender for the loans they have previously provided to other small business owners in the same industry, for the same business type, in the same location area, for the same loan amount range.
Is the bank currently focused on lending to borrowers like me?
Current Focus:
Currently focused and motivated to lend to business owners like you, for the loan purpose you are seeking, for the loan amount you need. Those who want your loan.SBA lenders focus on different types of SBA programs, loans, loan amount tiers, industry and businesses types, and locations. Historical SBA lending experience isn’t always the best indicator of future lending focus. Changes in people allocations, and economy are just a few of the host of reasons the past isn’t always (but usually) an indicator of a bank’s future focus.
Can I qualify for the bank's approval criteria?
Matching Criteria:
Has policies and requirements for qualifying (credit score, cash flow, start-ups, collateral, type, previous bankruptcy or judgments, etc.) that matches your personal and business criteria situation. While the SBA is the same for all, SBA lenders differ. SBA lenders have different combinations of policies for things like credit scores, DSCR, out of state loans, startups, collateral, and flexibility for down payment requirements. Banks aren’t all the same and each are looking for different kinds of borrowers and different kinds of loans.
Don’t waste time and effort getting rejected by the wrong lender.
Want to cut to the chase and get it right the first time? Then think about experience, focus and criteria during lender consideration and selection.
In short, think inside the LoanBox which does this for you.
10 Steps of the
LoanBox Process
1. Direction Decision
Decide if you want to do your LoanBox loan alone or use the LoanBox Advisor navigation available to you. LoanBox was designed for the business owner to have a carvana like experience with a business loan. You can utilize LoanBox from application to funding, have a full suite of intel and resources to access to answer your questions, an AI lending assistant, and human chat and app-to-app messaging support. This is how a bank business loan get's done with the least amount of human interaction as possible.
Or, for those who haven't lost faith in humanity completely yet, have one of our friendly LoanBox Advisors just handle everything for you.
2. Loan Package
If you go it alone or use an LoanBox Advisor, a loan package is required. Complete a series of questions in the portal and upload financial docs. Your answers are populated into PDFs on your portal. This is the initial collection of documents needed for a lender to provide a loan proposal. These can include application, personal financial statement, business plan, pro forma, and tax returns.
3. Share Package
Our matching algorithms reveals the lenders you qualify for within our platform based on your loan package and answers. Select which (or all) of the preferred lenders you would like to provide access to your loan package and invite them to make a loan proposal. Your loan package sits securely within LoanBox. The lender is also on LoanBox and sharing your loan package is giving the lender access to your package within LoanBox.
4. Receive Proposals
Lenders are able to securely access your loan package documents and interested lenders respond with a loan proposal. All proposals are created by the lender completing the same offer form within LoanBox. This consistent proposal format allows you to compare and contrast the same key information.
5. Select Lender
Click and e-sign to accept the winning proposal. There are videos and details about each preferred lender you can review for any due diligence. If you are using an LoanBox Advisor they will tell you which lender they want to use and why, for your specific loan at this specific time. Either way, it is your choice and decision. After the winning lender is selected your "My LoanBox" dashboard shifts from loan packager to loan manager mode.
6. Underwriting
Your credit score is pulled and your loan officially goes into underwriting. This is where the bank analyst reviews the loan package, runs their own cash flow analysis, checks that required documents to date are in and everything is in order, asks any additional or clarifying questions, and makes sure your loan meets bank policy criteria and requirements.
7. Approval
Depending on the loan amount you may have one approver, two approvers or a committee who will be signing off on your loan. When your loan is officially approved you receive a commitment letter. The commitment letter means that once all closing docs have been completed the bank is ready to fund the loan.
8. Closing
The closing process is getting everything ready for funding. When all required documents are collected the bank issues their internal “clear to close” sign off. LoanBox helps you collect the needed documents in advance and to always know where your loan is in the process.
9. Funding
The loan agreement docs are executed and funds are wired to recipients. The LoanBox Manager walks you through every step and provides every document request needed along the way.
10. Covenants
Covenants is the ongoing responsibilities you have as a borrower while the business loan is in place. Conventional and SBA lenders may have different requirements. Covenants primarily consists of providing annual tax returns and an updated personal financial statement each year. This is common with any business loan from a bank. Whatever the covenants are of the lender you selected, it will show on your LoanBox Manager and you will receive an automated email reminder each year from LoanBox.
FINANCE
YOUR WAY
DO-IT-YOURSELF BUSINESS LOANS
Complete application and loan package
See matching lenders
Select one or all matching lenders to access your loan package
Receive loan proposals from interested lenders
Select the winning lender and e-sign their loan proposal
Use the tools and intel available, follow the process, receive alerts at every stage along the way, and utilize LoanBox human support as needed.
LOANBOX ADVISOR SUPPORTED LOANS
Complete applicant summary form
Have consultation
Upload the docs requested
Receive, discuss, and approve your LoanBox Advisor plan
Provide needed docs as requested as your Advisor navigates everything for you
Your loan is still managed on the LoanBox platform, so you still have access to the same lenders and receives the same alerts.