WPI Financial Services

Application Process

If you need a small business loan, but you are not quite sure how to go about getting one—you came to the right place!

The WPI Financial Services packaging program has been specifically designed for smaller businesses. We understand the needs of small business owners and are committed to making the financing process as simple as possible. That's why we have developed an easy four-step approach to obtaining a small business loan.

Part I: Application and Term Sheet

We have a convenient online way for you to apply for a WPI Financial loan.

On-line Application

The on-line application takes approximately 30 minutes to complete and allows you to receive an immediate decision regarding your loan request. Based on your input, you will receive either a Term Sheet or a decline notification.

  • The Term Sheet, which is a pre-approval for your loan, outlines the proposed loan amount, interest rate and term of your loan. (The loan pre-approval is subject to verification and due diligence.)
  • A decline notification indicates that your loan request does not currently meet the WPI Financial loan criteria.

Note: Prior to completing the on-line application you will need to gather the documents listed below:

  • Business tax returns for the most recent two years
  • Current business balance sheet
  • Current business cash balances of your checking and savings accounts (or personal accounts if business is not yet established)
  • List of all existing business loans including current balance and monthly payment
  • List of collateral available to secure the loan and an estimated value for each asset (business or personal assets may be used as collateral)

Brief Questionnaire

The questionnaire takes approximately 5-10 minutes to complete. This provides WPI Financial with a snapshot of your financing needs and a brief background of your business. Upon completion, the questionnaire will be sent to the WPI Financial representative nearest you. Within 48 hours, you will be contacted to discuss your loan request and next steps.

Part II: Commitment Letter

A Third Party Report deposit will be required during the Commitment Letter Phase to cover the costs of ordering these reports. The Commitment Letter provides more specific terms of the loan and defines collateral requirements, insurance requirements, construction/renovation requirements, if they apply, and other conditions necessary for closing. In addition a closing agenda will be sent. This closing agenda confirms the closing date and also outlines the closing procedures.

A Third Party Report deposit will be required during the Commitment Letter Phase to cover the costs of ordering these reports.

Part III: Due Diligence

Due diligence occurs after the Commitment Letter has been accepted. At this time we review the appropriate third party reports such as appraisals, environmental reports, survey, title search, UCC searches, lien and judgment searches and other reports depending on your specific type of loan.

Part IV: Closing

The closing phase typically begins two days prior to the actual closing date and includes a final review of all documents necessary to close the loan.

Online Application