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Cda Blf Loan Application

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Cda Blf Loan Application CDA BLF LOAN APPLICATION NameName of of Business Business (Legal (Legal Name): Name): Address:Address: City,City, State, State, Zip: Zip: BusinessBusiness Phone Phone / / Fax: Fax: FederalFederal Tax Tax ID ID#: #: Principals Principal 1 Principal 2 Name: Address: City, State, Zip: Phone: Social Security #: Type of Business Sole Proprietorship Corporation Partnership Date Established Loan Request Amount Participating Bank Lender Name:Name: Address:Address: City,City, State, State, Zip: Zip: ContactContact Person: Name & Phone: Contact Phone: Describe the type of business in which the applicant is engaged. Describe project for which applicant is seeking a CDA BLF loan. 1 EXISTING BUSINESS FINANCING OBLIGATIONS (Date of most recent balance sheet) ORIGINAL AMOUNT/ PRESENT MATURITY INTEREST MONTHLY PAYMENT CREDITOR NAME DATE BALANCE DATE RATE PAYMENT STATUS PROJECT FINANCING SUMMARY SOURCE AND USE OF FUNDS CDA BLF BANK EQUITY OTHER OTHER TOTAL Property Acquisition Site Improvement Building Renovation New Construction Machinery & Equipment Working Capital Inventory Debt Refinancing Other Other Total PROPOSED FINANCING TERMS CDA BLF BANK EQUITY OTHER OTHER TOTAL Amount $ $ $ $ $ $ % of Project Cost % % % % % % Term (years) yrs yrs yrs yrs yrs yrs Interest Rate % % % % % % Debt Service yrs yrs yrs yrs yrs yrs Lien Position Collateral Guarantee ADDITIONAL REQUIRED INFORMATION The information included in the attached “Exhibit A – Application Exhibits” shall also be provided to TCCCF as part of this loan application 2 I declare that the information provided on this application and the accompanying exhibits is true and complete to the best of my knowledge. I understand that the Carver County CDA Business Loan Fund has the right to verify this information and will be in contact with those individuals and institutions involved in the proposed project. I also understand that if this loan is approved it may be (or may not be) sold to the secondary marketplace. I authorize the Carver County CDA to share information contained in this application process with prospective purchasers in order to evaluate the feasibility of selling this loan. By Its Date Submit completed application to: Carver County Community Development Agency Attention: John Sullivan, Economic Development Dir. 705 Walnut Street Chaska, MN 55318 Direct: 952-556-2789 Email: [email protected] 3 EXHIBIT A: APPLICATION EXHIBITS Exhibit 1 Exhibit 8 History and Description of Business Interim Statement Briefly describe the past operation of the business and/or events Provide balance sheets and an income statement that is less leading up to its creation. Include information on the product lines than 90 days old. or services, industry, management and key employees, the operation's growth and affiliates. Exhibit 9 Exhibit 2 Projections The Project and Related Marketing Plan Provide two years proforma balance sheets, income statements Describe the proposed project for which financing is being and cash flows stated on a monthly and annual basis. Define requested. Detail the marketing strategy and describe how it will the assumptions used to derive the projections. support the planned business expansion or start-up. Include information on the following: Exhibit 10 . current customers and target markets (provide copies of contracts, purchase orders, etc. which relate to the loan Resumes and Personal Financial Statements request) Provide resumes of all principals as well as current, dated and . manufacturing process and materials signed personal financial statements on all principals with a . major suppliers significant financial interest in the business. competition and comparison of products . pricing, distribution, and promotion Exhibit 11 Affiliates Exhibit 3 Provide a description of any affiliates or subsidiaries of Detailed Source and Use of Proceeds business or principals requesting assistance, as well as balance Detail how the total project amount will be used including all sheets and income statements for past two fiscal years. sources of funds. Attach written cost estimates. Exhibit 12 Exhibit 4 Appraisals/Proposed Lease/Purchase Options or List of Collateral Agreements Provide a detailed list of all collateral offered, new and existing, its An independent appraisal may be required for any real estate value, and security position by funding source. which is a subject of the proposed financing, or which is offered as a major source of collateral to secure the loan. Also include copies of existing or proposed lease(s), purchase Exhibit 5 options or agreements, or other financial arrangements. Commitment Letters Include firm commitments from banks and other participating Exhibit 13 lenders stating the terms and conditions of their financing. Partnership Certificate of Authorization or Corporate Certificate of Authority Exhibit 6 Include minutes of the corporate meeting adopting this Impact on Community/Jobs certification, where applicable. Evidence of corporate action Describe how the proposed project will benefit the community or approving the borrowing will be required at closing. area in which the business is located. Briefly describe direct and indirect employment benefits, effect on the tax base (if any), and Exhibit 14 benefits to other businesses and organizations. Other Required Attachments Exhibit 7 . Copy of last year's business income tax statement. Financial Statements . Copy of last year's personal income tax statement of Provide balance sheets and income statements for the past three principals. fiscal years. A letter from the County Clerk and County Treasurer verifying that there are no outstanding judgments or tax liens against the business or owners of the business. Evidence of payment of last quarter's payroll tax. Evidence of Worker's Compensation insurance coverage. 7 EXHIBIT B: LOAN CRITERIA Participation Loans: The BLF will not be the direct and sole lender on a project. The Carver County CDA Business Loan BLF requires a bank or private institution to Fund be the participating lender in the project. Generally, the BLF will not lend more than 12-13-07 (approved by CCCDA 50% of any project. In addition, the BLF will Board) rely on the participating lender to provide underwriting services to the BLF and the Loan Fund Guidelines and Policies BLF may contract with the participating bank for loan servicing. Goal of the CDA BLF Program: Provide Financing Guidelines of the Carver attractive capital to successful and County CDA Business Loan Fund: financially strong Carver County businesses helping them grow and expand. Loan Amounts: The creation of living wage jobs, an increase Generally, loan amounts will be in the commercial tax base, and retention of considered on a case by case basis, quality companies and workforce is the but generally the following applies: primary reason for creating the BLF. $50,000 minimum loan amount $500,000 maximum loan amount Capitalization of the BLF: The CDA will provide the initial seed funds to capitalize the BLF out of the EDA levy. It is expected that the BLF will attract additional funds in Eligible Projects: several ways, including, but not limited to: Funded project must be within Carver Annual contributions to the fund from County. Loans to a business outside the EDA levy Carver County will be made only Donations by local participating banks when there can be a documented and Local cities substantial benefit to the County (i.e. State DEED Minnesota Investment local job creation, job retention, Fund, and other federal and non- positive impacts to Carver County profit sources. businesses, etc.) Origination fees to cover Borrower may be a for-profit business administration and associated costs entity, non-profit corporation, or a cooperative business organization. Recapitalization of the BLF will consist of the A financial institution must be a BLF selling the loans it makes on the participant in the project financing secondary markets to private and/or non- other than the CDA BLF. profit investors (generally after 12 months of successful on-time payments received by Allowable Use of Proceeds: the BLF from the borrower). The BLF may choose to hold some, all or none of the CDA BLF financing assistance may loans it originates, depending on needs. include, but is not limited to fixed assets, including land and building 7 purchase, building construction, Loan Term Length: building renovations; acquisition, renovation or moving machinery and The term of each loan will be equipment; and working capital loans determined on a case-by-case basis, secured by fixed assets with fixed with the primary factor being the repayment schedules (not lines of collateral offered. Loans secured by credit). Generally working capital real estate will generally not exceed loans will not be made without a real 20 years, and loans secured by estate component of the project. machinery and equipment will Loans may not be used to refinance generally support a loan term of up to existing debt, with the exception of a 10 years, not to exceed the CDA BLF loan that has ballooned. depreciated life of the asset being financed. The BLF loan will typically Ineligible Use of Proceeds: coincide with the term of the participating bank loan, including any Speculative real estate balloon maturity provisions. developments. Leasehold improvements where there Fees and Charges: is a lack of collateral and/or mortgage. A 1.75% loan origination fee will be Purchase of equity positions in charged to all BLF borrowers. This business enterprises. fee will be
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