ITEMS NEEDED FOR LOAN APPLICATION

1.         FINANCIAL STATEMENTS FOR EACH

CORPORATION/PARTNERSHIP/LIMITED LIABILITY COMPANY/SOLE PROPRIETORSHIP (as appropriate for your business structure)

a.                   Personal Tax Returns for the past three years for the Principals with 20% or greater ownership

b.                   Personal Financial Statements of Principals with 20% or greater ownership (less than 90 days old)

            c.          Business Statements (professionally prepared):

                        1.         Existing Business

·         3 year historical balance sheet, income and cash flow statements

·         Interim balance sheet and income statement (if year-end financial statements

are over 90 days)

·         1 year projected balance sheet, income and cash flow statements

                        2.         New Business

·         3 year projected balance sheet, income and cash flow statements

2.         BUSINESS PLAN (including but not limited to)

·         Background and history of company

·         List of owners of the company and the ownership percentage of each

·         List of company officers and their titles

·         Names of affiliates and/or subsidiaries

·         Uses and sources of project costs

·         Analysis of what new project will accomplish

·         Strategic market positions

·         Evaluation of the industry - how the market will support and sustain business

operations (industry trends, outlook)

·         Brief biography of the owners and key management

3.         LETTERS OF COMMITMENT to finance from all other sources including private, other public, and/or equity injections.

4.         DOCUMENTS TO SUBSTANTIATE ALL PROJECT COSTS (i.e. Copies of Bids/Quotes, Sales  Agreements, etc.)

5.         FEES

·         Origination Fee – up to 2% of the loan amount (minimum $250) plus all relative third party fees.

·         Legal Fees are payable at closing.  Borrower is responsible for all legal fees incurred by the Commission’s solicitor in preparing and negotiating required closing documents.

6.         ORGANIZING DOCUMENTS   (i.e. Articles of Incorporation, Partnership Agreement, Operating Agreement, By-Laws, etc. as appropriate for your business structure)

7.         COMPLETED LOAN APPLICATION

8.         CERTIFICATION

9.         COPY OF DRIVERS LICENSE for the Principals with 20% or greater ownership.

10.        SIGNED CONSENT TO RELEASE OF INFORMATION

NOTE:   ALL INFORMATION IS DUE NO LATER THAN FIFTEEN DAYS PRIOR TO THE MONTHLY BOARD MEETING.  BOARD MEETINGS ARE NORMALLY HELD THE SECOND FRIDAY OF THE MONTH.

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