Loan Application Process

 

We are committed to keeping our lending process both simple and efficient. For municipalities, loans usually require from 30 to 45 days from application to funding. While the legal requirements for borrowing will vary somewhat depending on the type of municipality, the general process includes:

School district borrowing is complicated by statutory requirements for different approval methods depending on the type of the district, term of the loan, and process of elector approval. BCPL has developed a guideline to all seven methods available to school districts when borrowing from BCPL, which is available at the "School District Borrowing Procedures" link below.

 

To begin the loan process, the borrower submits a completed BCPL Worksheet/Loan Application Request by email, fax, or regular mail. The worksheet is available at the link provided below and provides BCPL staff with the information necessary to provide a custom loan application. You will receive your application by mail within a few days after submitting your worksheet.

 

The BCPL loan application includes the specific borrowing resolution to be approved by your board/council. Following the meeting that approves that resolution, the clerk submits the completed loan application to BCPL for review and approval, along with a copy of the minutes from that meeting.

 

BCPL staff reviews submitted documentation. Upon approval, the application is sent to the Office of the Attorney General for legal review and if approved, it is placed on the agenda for final approval at the next meeting of the BCPL Board. Applications must be received a minimum of eight days in advance of the our board meeting to allow sufficient time for internal reviews. The BCPL Board meets the first and third Tuesdays of each month.e

 

Funding can normally occur within 7-10 days following BCPL Board approval. Borrowers may take four months following final approval to draw loan funds.

Still have questions? Contact Richard Sneider at (608) 261-8001(office), (608) 572-1611(cell) or richard.sneider@wi.gov.