In This Section
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.
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.
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.
The Loan Officer meets with the Chief Lending Officer and the Chief Investment and Risk Officer to discuss the credit.
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
The Loan Officer makes a presentation to the MGCC Credit Committee.
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.