Common Questions About Getting Started With a Business Loan
Who can apply for a business loan?
Enrolled community members of the Salt River Pima-Maricopa Indian Community.
Are there application or other fees?
At this time there is a $100.00 non-refundable application fee. Depending on loan type, there may be appraisal or legal filing fees. Closing fees will depend on type and dollar amount of loan.
What terms are available?
Currently we have a closed end, fixed rate, installment loan available.
Will I have to submit tax returns?
Usually 2 years tax returns on the business, if existing, and 2 years personal tax returns.
When will I know if I am approved?
Once all required documents have been received and underwriting has been completed, the loan will proceed to the Loan Review Committee for the decision process. Once a decision has been made, you will be notified immediately.
How do I know if I am ready to start a business?
Do I have a business idea that I have a passion for? Do I have a business plan?
What responsibilites do I have during the lending process?
To ensure that you will not fall victim to loan fraud, be sure to follow all these steps as you apply for a loan:
- Be sure to read and understand everything before you sign.
- Refuse to sign any blank documents.
- Do not overstate your income.
- Do not overstate how long you have been employed.
- Do not overstate your assets.
- Accurately report your debts.
- Do not change your income tax returns for any reason.
- Tell the whole truth about gift funds.
- Do not list fake co-borrowers on your loan application.
- Be truthful about your credit problems, past and present.
- Do not provide false supporting documents.