APPLY AGRIBUSINESS LOAN

Before you submit an input form to the HVADC Agribusiness Loan fund, there are just a few things you should know:

 

The first step that you should take is to reach out to HVADC Business Service Coordinator, Duane Stanton to discuss your loan needs and feasibility at 518-432-5360 Ext 402 or dstanton@hvadc.org.

You will then be directed to a secure portal to provide some basic information about your business as well as upload relevant documentation, including three years complete federal tax returns for your business. After submitting this information, the HVADC Agribusiness Loan Fund Team will review your request, and you will be notified if, and how to complete a loan application on a secure portal.

 

By clicking through to the secure site to apply for an agribusiness loan you will be directed to an application intake form facilitated by Grow America, an HVADC Agribusiness Loan Fund partner.

In the application, you will need to include your six digit NAICS code. There will be a pull down menu to assist you but if you would like to be more specific with your industry segment, you may type in the code yourself. To find the appropriate six digit NAICS codes, visit:

Farms and nurseries: May be found in the Agriculture, Forestry, Fishing and Hunting 11 category
 

Distribution: May be found by scrolling down in the Wholesale 42 category
 

Specialty food and beverage retailers: May be found in the Retail 44 category
 

Processors, packagers, bakeries, wineries, breweries and distilleries: May be found in the Manufacturing 31 category

Restaurants and food service: May be found in the Accommodation and Food Services 72 category

If your application request does not meet the criteria for the HVADC Agribusiness Loan Fund, we may refer it to a partner organization that may better assist you.

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When you apply for a loan through the HVADC Agribusiness Loan Fund you will be asked to attach certain documentation. Gathering all your documents prior to making the application can help to avoid any delays through the process. Applications not accompanied by complete documentation do not move through underwriting until all are received. Please also review this list to help you prepare.

Document Checklist

• Owner’s personal financial statement

• Business entity organizational materials (i.e. incorporation)

• Three years complete federal tax returns for owners

• Three years complete federal tax returns for the business

• Year to date financial statements for the business (Income Statement and Balance Sheet)

• Schedule of business debt (original amount, date, current balance, monthly payments, and maturity)

• Aging Accounts receivable report and Aging of Accounts Payable (if applicable/available)

• Brief project narrative (Use of Funds)

• Sign Credit Release for each owner

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After submitting the complete application, your request will be reviewed based on criteria such as cash flow, net worth, collateral, credit score and debt to income ratios. You will be notified along the way if any further documentation is needed. If you application is deemed eligible you will receive a Commitment Letter outlining the terms of the loan will include information about the application and origination fee. Once received by HVADC, the loan will be scheduled for closing.