Business Loan Inquiry
The process of applying for a Craft3 loan is divided into five phases, beginning with our 5-step inquiry form. Starting the process online enables Craft3 to process your loan inquiry quickly to determine if we may be able to help you get the financing you need. Before you submit the inquiry form, we strongly encourage you to read the other phases (outlined below), our more-detailed Loan Application Guide and collect the necessary documents that we may eventually require from you.
Our business loans range in complexity, size and sector. Interest rates are generally between 7 and 12 percent for loans of $25,000 to $3 million. If you are looking for a smaller-sized loan, please contact Mercy Corps Northwest or Ventures.
******NOTE: The completion of an application does not guarantee loan approval or receipt of loan funds. If you are in an emergency situation, it is unlikely that Craft3 will be able to assist you.******
While the process below is a general guide, Craft3 customizes our review and approval processes to your situation and needs. We do not use software to get to a “yes” or a “no”.
PHASE 1: Applicant completes online inquiry form
- 10 to 15 minutes to complete
- Provide information about your business, loan needs and financial condition
- The more detailed you are, the faster we can review it
- Be transparent. All businesses have their challenges, so please share the bad, as well as the good
PHASE 2: Craft3 reviews your completed inquiry form
- We review your inquiry information. We will then proceed 1 of 3 ways:
- Invite you to fill out a full online loan application
- Let you know that Craft3 is not a good fit for you at this time, or
- Ask for you to upload additional documents via our pre-screening portal
- You can expect to hear from a Craft3 Commercial Loan Intake Specialist within 3 business days of submitting your inquiry form.
PHASE 3: Applicant uploads documents
- 10 minutes to complete
- You will receive an email with a list of documents needed to complete our review
- Business plan
- Personal financial statements
- Cash flow projections
PHASE 4: Applicant fills out our full online loan application
- 1 to 2 hours to complete
- You will be assigned a business lender that will help you through our process.
PHASE 5: Craft3 lender and applicant work towards approval
- Approval generally occurs within 30 days of completed application; ask your business lender about potential timeline
- Review begins after checklist information and explanations are provided, and the full online loan application is submitted
- Closing within 5 days of approval, though only if all closing conditions are met