Loan Program

Lending Process

Overview - Lending Process - Faq - apply



All loan applicants begin the process with an initial interview. The interview will be with one of our Spruce Root team members and can be done in person or over the phone. During the interview, you will learn about Spruce Root’s mission and process, discuss your business idea and provide general information about your personal and business finances. At the end of the interview, Spruce Root's staff will let you know the next steps and answer any questions you may have.



If you do not have a formal written business plan or financial model, don’t worry. Spruce Roots knowledgeable team members can connect you with many of the resources needed for developing your plan and model before you continue with your application. Many applicants still need to write a business plan when they come in for the initial interview. Writing a business plan takes work and our team is here to support you along the way.



Once you’ve finished your business plan and financial model, the Spruce Root team will help you complete your full loan application. You’ll need to gather your bank records, tax return information, and other legal and financial documents. After you sign an information release form, Spruce Root will provide a link for you to run the credit report and share it with the loan underwriter.



After you complete your application, the Spruce Root team will send it to the underwriter. The underwriter may ask for more information about your financial history or business plan. If s/he determines that you are a strong candidate for a loan, s/he will write a credit memo that details what kind of loan package Spruce Root can offer you.



The Spruce Root loan committee reviews the credit memo and ultimately decides if Spruce Root is able to offer you a loan. Additionally, the loan committee will set the terms and requirements of your loan. The majority of Spruce Root loan committee members are independent experts in finance and loan origination.



If the loan committee approves your loan, you receive the funding and put it to work in your business! Spruce Root will partner with you to provide ongoing business support.