BUSINESS REVOLVING LOAN FUND PROGRAM ADMINISTRATIVE GUIDELINES

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1 BUSINESS REVOLVING LOAN FUND PROGRAM ADMINISTRATIVE GUIDELINES OBJECTIVES: A. Stimulate development and expansion of new and existing small and medium-sized businesses located within the City of Lorain. B. Provide incentives to private-sector financing sources, to encourage job creation and retention and increase the tax base for the City of Lorain. ELIGIBLE APPLICANTS: A. Applicant must be a for-profit sole proprietorship, partnership, limited liability company, or a corporation. B. Manufacturing, wholesaling or commercial enterprises are eligible when, in the discretion of the Loan Committee, sufficient new jobs will be generated to warrant awarding the loan. C. Real estate investment is limited to owner/user applicants only. ELIGIBLE ACTIVITIES: A. Land costs, including engineering, legal, grading, testing, site mapping and related costs associated with the preparation of land. B. Building costs, including acquisition, engineering, architectural, legal and other soft costs related to construction or rehabilitation. C. Acquisition of or improvements to an existing structure including, but not limited to, the rehabilitation, renovation or remodeling necessary to conduct business in said structure. D. Purchase of machinery, equipment, furniture and fixtures, including installation and delivery. E. Working Capital. INELIGIBLE ACTIVITIES A. Debt refinancing; B. Real estate speculation; C. Rolling stock (i.e. vans, trucks, vehicles). APPLICATION PROCESS Application shall be submitted two (2) weeks prior to loan board meeting (meetings are held 2nd Monday of each month) for staff analysis. Only complete applications will be presented to Loan Review Committee.

2 PROJECT SELECTION CRITERIA Following criteria are to be considered in awarding loans to eligible applicants and may be used to rank and prioritize applications in the event insufficient funds are available to finance all qualifying projects: A. Need for public funding. (i.e. project could not proceed without public funding assistance); B. Amount of leverage with private investment; C. Number of new jobs; D. Percent of jobs targeted to low/moderate income persons; E. Number of jobs retained; F. Ratio of new jobs to loan amount requested; G. Amount of additional tax revenues generated over the life of the loan; H. Amount of equity to be invested in the project; I. Collateral offered and the ability to repay the loan. LOAN TERMS: A. Private-sector contribution. Each loan shall be made in conjunction with private sector financing. B. Applicant s contribution. Each project shall be structured with an equity injection of not less than ten percent (10%) of the total project cost. C. Loan amount. Maximum loan amount shall be forty percent (40%) of total eligible project costs or Two Hundred Fifty Thousand Dollars ($250,000), whichever is less. D. Term of loan. If loan to applicant is secured by real estate, term shall be a maximum of fifteen (15) years, or such length of time as determined by the Loan Review Board so that repayment will not create a financial hardship for borrower. E. Interest rate. Interest rate shall be a fixed minimum of five and one quarter percent (5 ¼%) or maximum of three percent (3%) less than the prime rate with payments computed monthly. Rate will be determined by Loan Review Committee based upon project selection criteria. F. Loan Security. Applicant s loan must be secured by a mortgage on real estate and/or a perfected security interest in machinery and equipment. Personal Guarantees are always required, and the Loan Review Committee may require additional collateral such as a mortgage on personal real estate and/or other personal assets with defined equity. G. Loan Processing Fee. A loan processing fee of one and one half percent (1 ½%) of the City s loan amount plus actual costs of title and other security fees for any loan approved under this program. Loan processing fee must be paid at loan closing.

3 LOAN CONDITIONS A. Each loan must generate new permanent employment and/or retain employees, with at least 51% of all new jobs to be filled by low/moderate income persons. New employment for purposes of this program is defined as first-time hires or past employees who have not been employed by the business for at least six (6) months. For employment retention, applicant must provide documentation. Low/ moderate income status is defined by U.S. Department of Housing and Urban Development. Further, applicant must agree to execute a First Source Agreement as a part of the loan closing documentation. First Source Agreement stipulates utilization of Lorain Development Corporation as a first source for recruitment, referral and placement of qualified eligible employees into job openings created as a result of the public financing assistance provided to applicant. Basic requirement is that one (1) job be created or retained per fifteen thousand dollars ($15,000) of public loan funds borrowed under this program. Each applicant must supply an estimate of new jobs to be created as a part of the loan application as well as documentation of current employment levels at the time the application is submitted. Applicant must make reasonable efforts to achieve the estimated employment level over a period of three (3) years and maintain that level for a minimum of five (5) years from the estimated anniversary date of disbursement of the loan funds. Annual reviews will be made to track progress toward job creation goals. B. Any project involving construction or rehabilitation must comply with Federal Government Labor regulations, including payment of prevailing wages. C. All projects must comply with federal, state, and local regulations concerning historic properties and are subject to an environmental review by Community Development Department staff. D. Applicant must demonstrate a reasonable ability to repay the current obligations and the new debt to be structured. E. New start-up businesses must have a written business plan and applicant must demonstrate extensive working knowledge of the operation to be started. Non-compliance with any of the above loan conditions and/or other conditions defined within the Loan Agreement will result in City demanding full and immediate repayment of the outstanding principal balance or conversion of the lower interest rate to a market rate. PLEASE DETACH AND RETAIN THIS SECTION FOR FUTURE REFERENCE

4 CITY OF LORAIN CDBG BUSINESS LOAN APPLICATION Name of Applicant Date Submitted Signature of Applicant s Representative Amount Requested

5 TABLE OF CONTENTS Section 1: Section 2: Section 3: Section 4: Section 5: Section 6: Section 7: Section 8: Section 9: Section 10: Section 11: General Information..7 Business Description..8 Project Description...10 Employment & Employment Training...11 Participating Project Lenders & Representatives 14 Proposed Project Sources/Uses of Funds 15 Financing/Collateral Position..16 Financial Information...17 Documentation of Need For CDBG Funds 18 Submission Acknowledgement 19 Exhibit Summary..20 ATTACHMENTS I. Personal Financial Statement II. Davis Bacon Certification, Public Information Disclosure, Verification of Financial Feasibility III. Exhibit K Form ED-612 IV. Affirmative Action Guidelines V. Environmental Review Questionnaire VI. Employment Certification Statement VII. Meeting Another National Objective Please contact the Lorain Development Corporation at if any part of this application is missing.

6 This application form has six parts: I. Project Applicant II. Project Representatives III. Project Summary IV. Uses of Funds V. Sources of Funds VI. Documents to be included In addition, the following are included and must be completed and signed: Davis Bacon Certification Statement Public Information Disclosure Verification of Financial Feasibility Affirmative Action Guidelines Employment Certification Statement Certification Statement for Meeting Other National Objectives I. PROJECT APPLICANT (Proposed Owner of Project) A. Applicants Legal Name: Street Address: City, State, Zip: Telephone Number: Fax Number: Contact Person(s) Title: Brief Description and History of Business: B. Business Organization: S Corporation Partnership C Corporation Sole Proprietorship Limited Liability Date and State of Incorporation:

7 Federal Employer Identification Number: DUNS Number (required prior to funding): _ Is applicant a subsidiary or director or indirect affiliate of any other organization? yes no If yes, please explain: C. Ownership/Management: All officers, directors, and owners of 20% or more of the applicant business are listed below: Name Home Address Office Held/ Telephone Number Social Security # % of Ownership D. Have any of the persons listed above ever been charged with, or convicted of any criminal offenses, other than a minor motor vehicle violation? yes no If yes, please explain: E. Has the applicant or management of an applicant been informed of any current or ongoing investigation of the applicant with respect to possible violations of State or Federal securities laws?

8 F. Has the applicant or any person listed above been connected with personal or business bankruptcy, been in receivership, or adjudicated as bankrupt? yes no If yes, please explain: II. PROJECT REPRESENTATIVES Probable Lender for this Project: Contact Name Bank Name Street City, State, Zip Telephone Project Contractor: Contact Name Bank Name Street City, State, Zip Telephone Legal Representative(s): Contact Name Firm Street City, State, Zip Telephone Accountant(s): Contact Name Firm Name Street City, State, Zip Telephone

9 III. PROJECT SUMMARY A. Brief narrative description of the project: B. Location of Proposed Project: Street City, State, Zip C. Buildings: 1. Does project involve the acquisition of existing building(s) or land? yes no 2. If Yes, has site control been established? yes no Option to purchase yes no Lease yes no Purchased yes no 3. Does project consist of additions, renovations or exterior alterations to existing buildings? yes no If Yes, please summarize the nature of the improvements.

10 4. Has any construction, rehabilitation or renovation activity occurred to date which is included in the total project cost? yes no If Yes, please summarize the extent of activity undertaken and identify what percent it represents of the total work to be done. 5. Zoning and Infrastructure: Does proposed use of project meets all governmental zoning and subdivision regulations? yes no Is there adequate capacity for utilities, sewage, and drainage available to the building? yes no Is there adequate off-street parking to meet needs of the business? yes no If No, please explain requirements: D. Equipment to be acquired or offered as collateral for this project. Description of Equipment Cost Installation Total

11 IV. USES OF FUNDS Description Land Building Machinery/Equipment Renovation Professional Fees Working Capital Other: TOTAL Amount V. SOURCE OF FUNDS Amount Term Rate Name of Lender Private Other Public CDBG Equity TOTAL

12 VI. PLEASE ATTACH THE FOLLOWING DOCUMENTS TO THIS APPLICATION: A. Current business financial statements for the applicant s three most recent fiscal years, where applicable. B. Most recent interim financial statements of the applicant, if applicable. These must be dated no more than 90 days prior to the application. C. Current personal financial statements of principals. These must be signed and dated no more than 90 days prior to the application. D. Submit two years of projected balance sheets, income statements, and cash flow statements. E. If business is a start-up, submit first-year cash flow statement broken down on a monthly basis. F. Aging of Accounts Receivable, if applicable Aging of Accounts Payable, if applicable G. Listing of existing debt by individual loan outstanding. List should include original amount, term, payment, outstanding balance, rate and date of maturity. H. Such non-financial information or supporting information necessary to substantiate the loan application, including but not limited to: Estimates, quotations, receipt, contracts, orders, invoices, leases, sale agreements, documentation from architects, engineers, contractors, suppliers, or others involved in the sale, lease, or construction of fixed assets, if any, of applicant s project including schedules of implementation. Appraisals, environmental studies and or other building structural reports on project buildings and land I. Company history including owner management background and history. (1 page or less.) J. Evidence of availability of equity capital to be utilized in this project as well as all other loan proposals and/or commitments for funding of this project.

13 DAVIS-BACON CERTIFICATION STATEMENT I certify that (firm name) will adhere to Section 110 of the Housing and Community Development Act of 1974 ("Act"), 42 U.S.C. 5310, which states that "All laborers and mechanics employed by contractors or subcontractors in the performance of construction work financed in whole or in part with grants received under this title shall be paid wages at rates not less than those prevailing on similar construction in the locality as determined by the Secretary of Labor in accordance with the Davis-Bacon Act, as amended (40 U.S.C. 276 a-5)". Applicant s Signature PUBLIC INFORMATION DISCLOSURE The undersigned understands and agrees that some information furnished in connection with this application for a Community Development Block Grant (CDBG) loan which involves the use of public funds and as such may be made public pursuant to the statutes of the United States of America, State of Ohio and City of Lorain. Applicant s Signature VERIFICATION OF FINANCIAL FEASIBILITY The undersigned authorizes the lending agency to verify all information furnished in connection with the application for a loan under the Community Development Block Grant (CDBG) program. The information that may be verified includes, but is not limited to the following: employment, pensions, mortgages, deposits and any other income; personal or business loans, hazard insurance; and further, to obtain a credit report. Applicant s Signature

14 AFFIRMATIVE ACTION GUIDELINES (Firm Name) is committed to the concept of equal employment opportunity for all of its employees and applicants for employment. In accordance with the objectives of this policy, (firm name) has declared a policy of providing employment opportunities without regard to race, ethnicity, color, religion, sex, national origin, political affiliation, age, handicapped status, or any other non-merit factor. In addition, while it is the policy to provide fair and equal employment opportunity to all qualified applicants to enter and advance in employment at (firm name) on the basis of demonstrated merit relative to appropriated job-related standards, it is also the policy to take affirmative action to seek out individuals at any level of the organization whose potential has not been fully utilized with the objective of assisting them to reach their full potential and merit job standards. Affirmative action will also include (firm name) actively seeking additional sources of applicants to help meet the objective of equal employment opportunity. The affirmative action program is developed on the following principles: 1. To recruit, hire, train and promote persons for all job vacancies without regard to race, color, religion, sex, national origin, age, handicapped status, or any other non-merit factor, except where sex or physical requirements constitute a bona fide occupational qualification necessary to properly and efficiently function in the job. 2. To identify and eliminate all employment practices which have an adverse impact on minorities, women or others protected by applicable law. 3. To determine the extent to which minorities and women are under-utilized in major groups, and develop a program of advancement and tenure which will make employment attractive as a career and encourage each employee to render his/her best service. 4. To ensure that promotional decisions are in accordance with principles of equal employment opportunity by imposing only valid requirements on promotional opportunities. 5. To ensure that personnel actions, such as compensation, benefits, transfers, lay-offs, returns from lay-off, company-sponsored training, education tuition reimbursement, and social and recreation programs will be administered without regard to race, color, religion, sex, national origin, age, handicapped status, or any other non-merit factor. I certify that (firm name) will comply with all provisions of the affirmative action policy statement provided above. Firm Representative

15 570.3 Definition EMPLOYMENT CERTIFICATION STATEMENT COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM Low and moderate income person or lower income person means a member of a family having an income equal to or less than the Section 8 lower income limit established by HUD. Unrelated individuals shall be considered as one person families for this purpose. The method for determining income under Section 8 Housing Assistance Payments program need not be used for this purpose Review for compliance with national objectives. ((1) Activities benefiting low and moderate income persons.) (a)(4) Job creation or retention activities. An activity designed to create or retain permanent jobs where at least 51 percent of the jobs, computed on a full-time equivalent basis, involve the employment of low and moderate income persons. As a general rule, each assisted business shall be considered to be a separate activity for purposes of determining whether the activity qualifies under this paragraph. However, in certain cases such as where CDBG funds are used to acquire, develop or improve real property (e.g., a business incubator or an industrial park) the requirement may be met by 5measuring jobs in the aggregate for all the businesses that locate on the property provided such businesses are not otherwise assisted by CDBG funds. For an activity that creates jobs, the recipient must document that at least 51 percent of the jobs will be held by, or will be available to, low and moderate income persons. For an activity that retains jobs, the recipient must document that the jobs would actually be lost without the CDBG assistance and that either or both of the following conditions apply with respect to at least 51 percent of the jobs at the time the CDBG is provided: The job is known to be held by a low or moderate income person; or the job can reasonably be expected to turn over within the following two years and that steps will be taken to ensure that it will be filled by, or make available to, a low and moderate income persons upon turn over. Jobs will be considered to be available to low and moderate income persons only if: (i) Special skills that can only be acquired with substantial training or work experience or education beyond high school are not a prerequisite to fill such jobs, or the business agrees to hire unqualified persons and provide training; and (ii) The recipient and the assisted business take actions to ensure that low and moderate income persons receive first consideration for filling such jobs. I certify that (firm name) will use its best efforts to create (jobs) within (time frame) as a result of the CDBG loan. A minimum of 51% of the jobs created will be held by or will be made available to low and moderate income persons in accordance with (n), (o) and (b)(1)(i)(b). Firm Representative

16 MEETING ANOTHER NATIONAL OBJECTIVE CERTIFICATION STATEMENTS (If the proposed project is unable to satisfy the above conditions pertaining to the creation of jobs for low and moderate income persons, the project must either aid in prevention or.elimination of slums or blight or meet an urgent need. Please sign the certification associated with the condition to be met.) (b) Activities which aid in the prevention elimination of slums or blight. Activities meeting one or more of the following criteria, will be considered to aid in the prevention or elimination of slums or blight: (1) Activities which aid in the prevention or elimination of slums or blight on an area basis. An activity will be considered to address prevention or elimination of slums or blight in an area if: (i) The area, delineated by the recipient, meets a definition or a slum, blighted, deteriorated or deterioration area under State or Local law; (ii) Throughout the area there is a substantial number of deteriorated or deteriorating buildings or the public improvements are in a general state of deterioration; (iii) Documentation is maintained by the recipient on the boundaries of the area and the condition which qualified the area at the time its designation; and (iv) The assisted activity addresses one or more of the conditions that contributed to the deterioration of the area. 2) Activities to address slums or blight on a spot basis. Acquisition, clearance, relocation, historic preservation and building rehabilitation activities which eliminate specific conditions of blight or physical decay on a spot basis not located in a slum or blighted area will meet this objective. Under this criterion, rehabilitation is limited to the extent necessary to eliminate specific conditions detrimental to public health and safety. (3) Activities to address slums or blight in an urban renewal area. An activity will be considered to address prevention or elimination of slums or blight in an urban renewal area if the activity is: (ii) Necessary to complete the urban renewal plan, as then in effect, including initial land redevelopment permitted by the plan. Firm Representative

17 *(c) Activities designed to meet community development needs having a particular urgency. In the absence of substantial evidence to the contrary, an activity will be considered to address this objective if the City certifies that the activity id designed to alleviate existing conditions which pose a serious and immediate threat to the health or welfare of the community which are of recent origin or which recently became urgent, that the City is unable to finance the activity on its own and that other sources of funding are not available. A condition will generally be considered to be of recent origin if it developed or became critical within 18 months preceding the certification by the recipient. Firm Representative *Example of Urgent Need Assistance in reconstructing water lines owned by a private utility and destroyed by a major natural disaster such as a tornado or major flood, where other resources are insufficient or unavailable to address this imminent threat to the community.

18 IV. EMPLOYMENT A. JOB CREATION: List by job title all permanent jobs to be created, indicating:

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