FOLLOW ON LOANS

Requirements

1. Must complete the Receipt Submittal Worksheet and provide receipts showing 70% of prior loan was spent on eligible expenses listed on your prior loan budget.  If a modification to the budget is needed, you must submit a Budget Modification Request which must be approved prior to submitting for a Follow-on Loan.

   • Receipts must be detailed, state which budget line item they correspond to, and be dated after the effective date of the loan;
   • Invoices do not qualify as a receipt.

2. Are not delinquent on prior loan(s) and have made loan payment(s) on time; 

   • If loan has been delinquent at any time, payments must have been received on time for the three consecutive months prior to approval of a follow-on loan;

3. Have a signed business lease or owned location;

4. Are compliant with required licenses, permits, and taxes;

5. Maintain verified CORE status

Application Process

1. An application must be submitted and is the same as for an initial loan, choose Follow-on in the drop-down under Loan Type on page 1.  

2. Complete any information on the application that has changed from the initial or prior application submittal and submit any required documents that have changed.

3. All acknowledgements must be agreed to and the application signed.

4. Email the application and required documents to CORE Capital Loan Program.

5. The CORE Loan Processing team will review the documents and be in contact with the applicant regarding any additional information that is needed.  Processing time will depend on completeness of the application and required documents.