ZUMBROTA ECONOMIC DEVELOPMENT AUTHORITY BUSINESS DEVELOPMENT LOAN FUND
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1 ZUMBROTA ECONOMIC DEVELOPMENT AUTHORITY BUSINESS DEVELOPMENT LOAN FUND I. OBJECTIVES To provide direct, subordinated low-interest loans to new businesses and existing businesses contemplating expansion. Specifically, the program is intended to: 1. Make affordable financing available to small and medium-sized businesses. 2. Create what commercial lenders view as a form of equity. This equity makes their investment more attractive and provides an opportunity to negotiate with commercial lenders in order to establish a commitment to make fixed rate, somewhat lower interest rate financing available to participants in the program. 3. Stimulate investment by making wise investment more attractive to investors. 4. Create new permanent jobs in Zumbrota. 5. Encourage existing businesses to invest in plant and equipment to increase productivity. 6. Equip Zumbrota with an additional financing tool to attract new business to Zumbrota. 7. Provide financial assistance without requiring a public subsidy or grant. 8. Benefit the community by increasing the property tax base due to new investment. II. SOURCES OF CAPITAL There are a number of potential sources of funding in order to capitalize the Business Development Loan Fund, including: 1. Grants from the Minnesota Department of Trade and Economic Development 2. Foundations and Funds such as the Southeast Minnesota Initiative Fund. 3. Zumbrota EDA budget.
2 III. PROGRAM GUIDELINES A. ADMINISTRATION Interested loan applicants should meet with the Zumbrota Economic Development Authority (EDA) staff to discuss the project and obtain applications. A completed application must be submitted to the Zumbrota EDA staff prior to review and consideration. The Zumbrota EDA Finance Committee will review the application and make a recommendation to the Zumbrota EDA board, at a regular meeting, who will act as a loan committee and give final approval for all loans, enter into all legal agreements, and commit all financing for loans. B. ELIGIBLE USES The eligible uses include the purchase of land and buildings, building improvements, machinery and equipment, site improvements and leasehold improvements. Loans are only available to new and expanding businesses located within the corporate boundaries of the City of Zumbrota. C. INELIGIBLE USES The ineligible uses include inventory, operating expenses, working capital, debt consolidation and refinancing (unless included as part of a financing package), and other uses not within the scope of eligible uses described above. D. COLLATERAL Collateral will include any available business or personal assets considered adequate and satisfactory to the Zumbrota EDA. Personal guarantees for loans may also be required. Collateral should be at least 1 to 1 in relation to the loan request. E. REPAYMENT Repayment is to be made in monthly installments. F. LOAN AMOUNT The loan amount would be up to 30% of eligible costs or $5,000 per job created, but not more than the primary lender for the project. G. INTEREST RATE The interest rate on any loan will be fixed for the duration of the loan and will be determined at the time of application review based on risk assessment and the current Prime Rate. H. TERM The terms may be determined at the EDA's discretion, but shall not be for a period longer than the primary lender for the project. I. OTHER FINANCING
3 Satisfactory equity investment is required in order to assure applicant commitment and repayment of debt. Other financing commitments must be made prior to the EDA Loan Fund Commitment. IV. APPLICATION PROCEDURE A. INITIAL INQUIRY All application materials are available at the Zumbrota Economic Development Office. B. LETTERS OF FINANCIAL COMMITMENT All funds committed to the project must be evidenced by letters of commitment from lenders or other funding sources. Such letters shall state the amount to be borrowed, terms, interest rate, collateral, guarantees required, and special conditions under which the borrowing is to occur. C. SECURING ZUMBROTA ECONOMIC DEVELOPMENT AUTHORITY COMMITMENT Upon receipt of the completed Business Development Loan application acceptable to EDA staff, the EDA will review the loan proposal and either approve or decline funding for the project. Applicants must obtain approval of the loan proposal from the EDA prior to proceeding with the project for which funds were sought. If not funded, the EDA will inform the applicant in writing of the reasons for denial. D. CLOSING AND CLOSING COSTS All loans will be closed as soon as possible for following EDA approval and the fulfillment of any contingencies related to the project. If closing does not occur within 90 days from the date of EDA approval, the funding commitment will automatically be revoked and re-application must occur. Extensions may be granted by the EDA under special circumstances. At closing the borrower will execute a loan agreement and fulfill any and all collateral requirements. The borrower will be charged actual closing costs associated with the loan. The amount shall be payable in full at closing or deducted from the proceeds of the loan. The EDA will provide the borrower with a written itemized statement of costs prior to closing. Closing costs will be kept simple and inexpensive as a program selling point. E. CONFIDENTIALITY To maintain confidentiality, the financial information will be reviewed by EDA staff and the EDA Finance Committee only and promptly returned to the applicant, not retained as part of the application. The full EDA board will review the application except for the Financial Data provided by the applicant.
4 ZUMBROTA ECONOMIC DEVELOPMENT AUTHORITY BUSINESS DEVELOPMENT LOAN FUND APPLICATION 175 West Ave Zumbrota, Minnesota Phone: Fax: APPLICANT INFORMATION Business Name: Street Address Telephone: Authorized Rep.: Street Address: City/State/Zip: Telephone: MANAGEMENT INFORMATION Parent Organization (if any): Names and addresses of all major owners, officers, directors and/or partners having 20% or greater interest: A. B. C. D.
5 BUSINESS INFORMATION Business structure (circle one): Proprietorship Corporation Other Please attach a business plan including information regarding background, business history, education and future business expectations. Also provide a narrative of the proposed project. Estimated project costs: Site Improvements Exterior Building Improvements Clean-up Signage/Lighting Other Total Project Costs Estimated sources of financing and amounts (business equity, conventional financing, other): Amount Needed Amount Committed Equity Bank Loan EDA BDLP funds requested Other Total Sources. Name of Primary Lending Institution and Contact Person: Please attach a letter of commitment or rejection letters from lenders or other funding sources evidencing credit availability. The letter(s) should also include the amount to be borrowed, terms, interest rate, collateral, guarantees required, and special conditions under which the borrowing is to occur. Loan amount requested from the EDA: Use of requested funds: Proposed collateral: FINANCIAL DATA - Please attach the following:
6 1) Current Balance Sheet and Income Statement 2) Income Projections (profit and loss statements and balance sheets) * 3-year summary * Detailed by month for first year * Detailed by quarter for second and third years * Notes of explanation 3) Pro-forma cash flow * 3-year summary * Detail by month for first year * Detail by quarter for second and third years * Notes of explanation 4) Business Financial Statement 5) Personal Financial Statements for past three years AUTHORIZATION: I am submitting this pre-application for a loan with the Zumbrota Economic Development Authority and verify that the above information is correct. I also grant authorization to contact references, obtain credit information, and to confirm information contained in this application. Signature of Applicant, Title Date The Zumbrota EDA reserves the right to waive certain requirements of this program and may request additional information and documentation as deemed necessary. Date Received Loan Application #
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