The loan process typically begins with a lender or business contacting OSDC to discuss the project. At this point a loan checklist will be sent to the bank or the borrower. OSDC staff will meet with the banker, borrower or both to discuss the project and answer any questions.
After receiving the required documents, OSDC prepares a loan analysis that is submitted to the OSDC board for approval. Once approved, an OSDC loan officer prepares the application package and provides the borrower with any forms that require completion and signature. The loan is then submitted to the Small Business Administration (SBA) or to the Ohio Development Services Agency (ODSA) for final approval. OSDC usually receives written SBA approval in 10 business days or less. ODSA approval takes up to 45 days to allow time for the project to be considered by the Ohio State Controlling Board.
The entire approval process can take as little as 30 days from the receipt of the completed loan checklist, depending upon the characteristics of the project.