Next Generation Revolving Loan Fund
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- Tyrone Nelson
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1 Next Generation Revolving Loan Fund INTRODUCTION: The purpose of these documents is to provide guidelines for the award and processing of applications to the Next Generation Revolving Loan Fund. A five-member Next Generation Loan Committee made up of members of the Plainview Economic Development Authority (EDA) and Plainview Area Development Corporation (PADCO) act on all applications. The EDA administers the loan program. The primary purpose of the Next Generation Revolving Loan Fund (RLF) is to provide loans at 3% interest as gap financing for business expansions, relocations, or startups that include the creation or retention of jobs. The RLF may also be used for improvements to upgrade the appearance of downtown businesses and for energy efficiency measures incorporated into places of business. The RLF will be used primarily to provide fixed asset financing but may also be used for limited working capital financing. Repayment typically will be scheduled for seven years with monthly payments on principal and interest. LOAN USES: Projects to be financed may include but are not limited to: Acquisition and development of land, easements and right-of-ways Construction, conversion, enlargement, repairs or modernization of buildings (including façade repairs), plants, machinery, equipment, access streets and roads, parking areas, utilities and pollution control and abatement facilities Loans for start-up operating costs and working capital Technical assistance for private business enterprises ELIGIBILITY: Applicants must operate their business within Plainview or up to three miles outside Plainview city limits. Applicants must be U.S. citizens or legally registered aliens. Applicants must not have any delinquent debt with the federal government. LIMITS: Loan amounts will vary depending on the type of project, but up to $50,000 is available for projects that create or retain at least five jobs (with thorough documentation of imminent job loss), or $10,000 for every job created or retained for loans over $10,000. Up to $10,000 is available for energy efficiency measures. Maximum - $50,000; minimum - $2,500 typically Next Generation loans cannot be used to pay off existing debt. If a borrower relocates outside the Plainview area, the Loan Committee may require immediate repayment. PRIORITIES: Loans are evaluated on a point basis with more points given for projects that: 1) create or retain jobs; 2) use local labor and products whenever possible (based on three-bid estimates); 3) employ low-income, minority and/or disabled persons; 4) incorporate energyefficiency measures into facility; and 5) renovate or remodel a downtown store façade. A Next Generation loan is a direct loan that requires collateral that may include including personal assets adequate to safeguard the lender. Personal guarantees are required for all projects. The EDA/PADCO takes a first-security interest in assets that are financed through this loan program. If the EDA is in partnership with another lending source, the EDA will take a subordinate interest. APPLICATION FEES: A $50 application fee shall be submitted with each application to cover processing costs. The Loan Committee may waive or amend this fee.
2 APPLICATION AND REVIEW PROCESS Application Process Applications will be accepted from new or existing business owners in Plainview, or businesses within three miles of city limits on a first come/first served basis. Applications will be evaluated by a five-member Next Generation Loan Committee made up of EDA and PADCO members. Application Packaging Process 1. INITIAL INQUIRIES / FEASIBILITY - EDA staff will respond to initial requests from prospective borrowers. Meetings and initial information collected will: a. Determine applicant s preliminary eligibility and the scope of their project b. Identify private sector participant, when applicable c. Determine overall debt service capacity A copy of the Next Generation Revolving Loan Fund guidelines and loan application forms shall be provided if the initial information indicates that the prospective borrower is eligible for the loan program and has capacity to repay the requested loan amount. 2. PARTNERING -. If appropriate, EDA staff will arrange to meet with private sector lender to: a. Answer questions on the applicant s access to the Next Generation Loan Fund b. Determine lender willingness to participate in project 3. APPLICATION EDA staff is available to assist each borrower in the completion of the application package. Applicants may be directed to contact the Small Business Development Center (SBDC) for assistance in preparing portions of the application. Preparation of loan documents will typically include the following information: a. Loan application b. Summary and overview of project (Business Plan) c. History of business d. Cost estimates and/or purchase agreements e. Two years of historical financial statement of business (and affiliates) f. Current statement within 90 days g. Projections of 24 months activity 4. Applicants should be prepared to provide the following additional information and documents: a. Personal financial statements b. Resume(s) c. Lender commitment letter(s) and interim loans d. Compensation of agreement for services e. Miscellaneous exhibits 5. Completed loan applications shall be reviewed and approved or denied by the Next Generation EDA/PADCO Loan Committee. In the event of real estate being involved in the loan process, an attorney will conduct the real estate closing. Charges for the attorney s time will be paid by the borrower at the approximate cost of $ per loan closing. Loan applicants shall pay all fees for filing, recording and any other processing and/or closing costs. These charges are payable to the EDA.
3 NEXT GENERATION REVOLVING LOAN FUND APPLICATION Please complete and return to: Plainview EDA, th St. SW, Plainview, MN Questions? (507) Business Name: 2. Owners: 3. Project Description: Uses (Check all that apply): acquisition/development of land, easements and right-of-ways construction/conversion, repairs or moderinization of building, machinery, equipment, access streets and roads, parking areas, and/or utilities and pollution control and abatement facilities downtown façade renovation or remodel energy efficiency measures to business start-up operating cost technical assistance/consulting for private business enterprises working capital Other 4. Total Project Amount: $ 5. Requested Loan Amount: $ 6. Payment Schedule: $ Monthly $ Yearly Other: $ Describe 7. Number of Jobs Created or Retained: 8. Employment of (check all that apply) low-income individual(s) minority disabled individual(s) 9. Use of local materials or labor: Yes (attach documentation) No 10. Source of Other Funds Amount Secured Pending
4 Description of Collateral: (please attach documentation to verify worth) 12. In connection with this application, the EDA is authorized to check my/our credit history and employment history or any other information deemed necessary. Signature(s): Date: RLF Loan Review and Recommendation: Date: APPROVE DENY Chairperson:
5 SUMMARY OF MONEY NEEDED 1. Land/Building 2. Machinery/Equipment 3. Furniture/Office Improvement 4. Inventory/Materials 5. Consulting Fees or Miscellaneous Expenses 6. Anticipated Operating Cash Required (accounts receivable financing, wages or other) 7. Total Project Cost 8. Amount You or Others Anticipate Investing Source of equity Amount 9. Amount of Loan Needed (line 7 minus line 8) _
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