BDC's Second Look Program allows a small to medium-sized business that has been declined financing for their business to receive a "second look" at a financing request made to a bank for a business loan.
Under this program, any loan request that has been declined by an area bank may be submitted by the bank or directly by the business to BDC for further review. Upon receipt of the loan request, BDC will:
If the loan is underwritten and recommended for approval, BDC will process the loan request in conjunction with the sponsoring bank and, if applicable, will obtain a SBA guaranty and advance the loan directly from BDC.
If the loan is declined by BDC, the logic for the declination will be discussed with the sponsoring bank and/or the borrower, along with possible remediation steps, if appropriate.
Our Second Look Program presents a win-win scenario for the business and for the bank, as it offers the bank an opportunity to keep a customer and the ancillary business versus losing it to another financial institution. Plus, the bank is transferring any possible loan risk to BDC.
BDC believes that our Second Look Program further enhances the economic growth in South Carolina, as this program creates a partnership that utilizes the resources of the banks, BDC, the SBA and other available financial resources.
Throughout the loan application process, the BDC team was incredibly responsive and communicative. They took the time to thoroughly understand my business and goals and helped me choose the best fit for my business needs.
They also answered all my questions, no matter how big or small, ensuring that I fully understood the process and the terms of the loans.
