Business Loans - Frequently Asked Questions (FAQ's)

Q. How quickly will I receive a loan decision and how quickly will my loan close?

A. A loan decision is typically completed within 5-8 days.  For Real Estate secured requests, the loan will close once all the conditions have been met in order to coordinate the preparation of documents and closing date.  This is largely determined by the acceptable third party vendor items needed (i.e. appraisal, title, etc.). On average the loans will close within a 30-90 day window.  For non Real Estate loans, the loan conditions are typically met within 10-30 days.

Q. Is there an application fee?  What does the application consist of? 

A. The application fee is $250.  The requested application documentation consists of:

• Signed Business Loan Application
• Signed Personal Financial Statement
• Signed Two most recent tax returns (including all schedules)
• A year-to-date Profit and Loss Statement
• Articles of Incorporation, Certificate of Organization, Tax ID Number (if borrowing as a Corporation or a Limited Liability Company)
• Additional items (if applicable):
• Rent Roll
• Signed Purchase Agreement
• Copy of Appraisal
• Copy of Survey
• Copy of Environmental Audit
• Copy of Title Insurance or Title Opinion
• Account Statements
• Cost Estimates or Invoices

Q. Who should I contact or work with to discuss my loan request?

A. A knowledgeable Business Loan Officer will be your first point of contact.  The loan officer will discuss your needs, explore possible options and provide recommended solutions.  Once approved, an experienced processor and closer will work together with you and your loan officer to gather any and all necessary documentation to meet the loan conditions.

Contact Us

Contact your local State Farm® Agent with any questions or for more information.