The application process for a new business loan doesn’t have to be overwhelming!  Northern Initiatives has designed a simple Small Business Loan Application, a Checklist and a selection of Worksheets to help you gather the materials you will need to provide a complete loan application package to your Commercial Lender.

If you are starting a new business and have not completed a business plan, please contact the Michigan Small Business Technology and Development Center for free assistance. 

Once the Lender has all the initial information requested, the loan review process can begin.  Follow these three easy steps to ensure your loan application package is ready for review (see the forms list below for downloading):

1. Completed Small Business Loan Application, signed and dated
2. Review the Small Business Loan Application Checklist and gather the information requested
3. Submit the application package to the Commercial Lender serving your region (click here for Lending Team) or forward to the Corporate office:

Northern Initiatives
Commercial Lending Department
P.O. Box 7009
Marquette, MI  49855
Fax:  906-228-5572

If you have experienced recent credit problems which may have affected your credit report and FICO score, submit a signed Small Business Loan Application along with a letter of explanation for a credit screening prior to packaging all the information requested on the Small Business Loan Application Checklist. 

Once you have submitted a complete application package, the review and decision process takes about two weeks.  Documentation and disbursement of the loan proceeds will generally take another two to four weeks depending on the loan terms, collateral and other requirements.