Rural Business Enterprise Loan Program (RBE)

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1 Courthouse PO Box 607 Carlton, MN Rural Business Enterprise Loan Program (RBE) Mailing Address: Carlton County Economic Development Office PO Box 607 Carlton, MN (218) or (218) Fax (218) Guidelines (page 2) Preliminary Application (page 3) Federal Survey (page4) Full Application (page 5 & 6) List of Required Exhibits (page 7) In accordance with Federal law and U. S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability. To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C , or call (800) (voice), or (202) (TDD).

2 Carlton County Rural Business Enterprise (RBE) Loan Program Guidelines The RBE Loan Program was realized through a grant award from the United States Department of Agriculture (USDA) of $99,000 in June 2010 with an additional match from the Carlton County Economic Development Fund of $50,000. The RBE Loan Program will assist small and emerging businesses within Carlton County. Loan applications will be accepted on an ongoing basis as funding is available. Priority will be given to the project with the greatest economic impact. Basic Eligibility Requirements Applicants receiving financing must be a small or emerging business; 50 employees or fewer and less than $1 million in annual projected gross revenues. The business may be a forprofit or non-profit businesses located within the boundaries of Carlton County. Applicants from sectors other than agriculture are accepted, but care will be given as not to harm existing retail/service business. Refinancing of construction financing must be approved through a pre-application review prior to building expenses being incurred. Projects must be located in a rural area as defined by USDA (RBEG Certification of Project). 51% of interest in the business (applicant) must be U.S. citizens (RBEG Certification of Ownership). All loans in excess of $25,000 must comply with Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion Lower Tier Covered Transactions (Form AD-1048). All Equal Opportunity and Nondiscrimination Requirements must be met and recorded as required by the USDA. Key Review Considerations Several factors come under consideration in the review process relating to the basic credit decision. Applicants must be prepared to: + Demonstrate creditworthiness; + Prove repayment ability; + Provide an acceptable level of personal equity; (minimum 10%) + Pledge adequate collateral to secure the loan (may be subordinate position to bank lender); + Establish strong management capability; + Personally guarantee the loan; + The Carlton County loans leverage other private investment, not just public funds. Limit total public funds to 50% of a project. In addition to these credit factors, the nature of the Carlton County RBE Loan Fund dictates additional key review considerations. These factors are critical due to Federal Regulations and the high demand for the limited funds. Criteria will determine the level of Carlton County s financial participation. Applicants must demonstrate that they meet or exceed the following: + The project will create or retain one job per $10,000 in loan funding. + Carlton County s financial assistance is necessary to the viability of the project. + Loans must be necessary to make the project feasible and cannot be met from owner resources or commercial financial institution. Use of Funds Loan funds may be used for the following: + Working capital; + Land and building purchase; + Site improvements; + Building construction; + Building renovation and leasehold improvements; + Machinery and equipment acquisition. Funds will not be used to fund a part of a project which is dependent on other funding unless there is a firm commitment of the other funding to ensure completion of the project. Loan Terms and Conditions Loan requests will be reviewed for a minimum of $5,000. The County can participate to a maximum of 50% participation of the financed eligible costs and or a maximum amount of $100,000 (if the tax base and/or job creation is substantial the maximum amount could be open to discussion). The loan amortization will be negotiated based on the amount borrowed and the life of the collateral provided. The interest rate on the County s loan will generally be set at an interest rate of the Wall Street Journal Prime less one percent (1%) rounded up to the nearest one-quarter percent with a minimum rate of 3%. The interest rate is determined at the time the loan is approved by the County and will be increased depending on a loan risk assessment to include but not limited to a credit review, collateral review, and a financial analysis. Costs incurred by Carlton County as part of the loan review and closing process will be passed on to the borrower. Application Process Applicants are encouraged to submit the preliminary application (page 3) to determine project eligibility. Following review by the Carlton County Economic Development Department and Carlton County Economic Development Authority applicants will be notified whether a final application will be considered. Applicants may be asked to seek Business Planning assistance before completing the final application, or may be referred to a more appropriate program if the project is determined to be ineligible. If eligibility is determined please begin filling out the Final Application forms (pages 4 and 5). Final Applications are then submitted to Carlton County Economic Development Office for financial review within thirty days (of receipt of a complete application). A recommendation is made and presented to the EDA for approval or denial. This information is then presented to the Board of Commissioners and the United States Department of Agriculture for approval or denial. Pre-application commitments are good for 30 days and loan commitments are good for 90 days unless specified otherwise. Carlton County EDA members or immediate family members are ineligible for funding. 2

3 Preliminary Loan Application Rural Business Enterprise Revolving Loan Fund I. Name of Business Zip Address of Business Location (if different from above) Date Established New Business Business Expansion II. Type of Business Sole Proprietorship Corporation Partnership Current Number of Employees Percent of Business Ownership US Citizen % Projected Annual Gross Revenue (1 yr.) $ Brief Description of Applicant s Business: Description of Project For Which Financing is Requested: (Attach additional pages, if necessary) III. IV. Loan Request RBE Request $ Proposed Interest Rate: Total Project Cost $ Benefit Assessment (please check all that apply) Projected job generation within two-years timeframe: Existing Jobs + Jobs Created = Total Projected annual increase in property tax revenue $ Description of community development benefit: V. How did you learn about this program? This institution is an equal opportunity provider, and employer. 3

4 SURVEY In order for Carlton County to be in compliance with Federal Law, we must gather and maintain certain statistical data on our clients who utilize any of our programs funded with Federal Funds. We are, therefore, asking you to complete the questionnaire below. The information regarding race, color, national origin and gender is requested in order to assure the Federal Government that Carlton County complies with Federal Laws prohibiting discrimination on the basis of race, color, national origin or gender. You are not required to furnish this information, but are encouraged to do so. This information will not be used in evaluating your request for services or to discriminate against you in any way, however, if you choose not to furnish this information, we are required to note your race/color/national origin/gender on the basis of visual observation or surname. Please check the appropriate race, color, national origin and gender information below: Racial Categories American Indian or Alaskan Native Asian Black or African American Native Hawaiian or Pacific Islander White Some other race Two or more races Ethnic Categories Hispanic or Latino Not Hispanic or Latino Gender Male Female Name Physical Address Please mail this questionnaire to: Carlton County, PO Box 607, Carlton, MN Thank you for your cooperation. 4

5 Name of Business Full Application Rural Business Enterprise Revolving Loan Fund Business Zip Business Principals Address SSAN Type of Business: Sole Proprietorship Corporation Partnership Date Established New Business Business Expansion Participating Bank Participating Lender Legal Counsel Accountant Application Assistance Provided By To be signed by applicant: I declare that the information provided in this application is true and complete to the best of my knowledge. I understand that Carlton County has the right to verify this information and will be in contact with those individuals and institutions involved in the proposed project as well as credit references. False information, in addition to disqualifying me from any further consideration for financial assistance, may also subject me to litigation to recover the County s expenses related to reviewing this application and/or the costs to collect any loan balances. I understand that Carlton County may release information for public purposes regarding the project, excluding any confidential financial information. By Its Date 5

6 Full Application (continued page 2 of 2) Benefit Assessment (please check all that apply) Projected job generation within two-years timeframe: Existing Jobs + Jobs Created = Total Projected annual increase in property tax revenue $ Description of Community Development Benefit: Source and Use of Funds Purpose for Which Funds are to be Used RBE Loan Bank(s) Equity Other: Other: Other: Property Acquisition $ $ $ $ $ $ $ Site Improvement Building Renovation New Construction Machinery & Equipment Working Capital Inventory Debt Refinancing Other (Specify) Other (Specify) N/A Total $ $ $ $ $ $ $ Total Project cost and Request Summary RBE Loan Bank Equity Other: Other: Other: Total Amount $ $ $ $ $ $ $ % of Project Cost % % % % % % % Terms (years)* yr. yr. yr. yr. yr. yr. yr. Amortization yr. yr. yr. yr. yr. yr. yr. Interest Rate % % % % % % % Debt Service yr. yr. yr. yr. yr. yr. yr. Lien Position Collateral Guarantee *Carlton County s term cannot exceed that of private lending institutions Submit To: Carlton County Economic Development P.O. Box 607 Carlton, MN (phone) (fax) This institution is an equal opportunity provider, and employer. 6

7 Required Exhibits These exhibits are components of a business plan, which applicants are encouraged to complete. Please clearly label exhibits. The legibility, completeness and organization of the information requested directly impact staff review time. Please contact the Economic Development Department if you have questions regarding the information being requested. EXHIBIT 1: History and Description of Business Briefly describe the past operation of the business and/or events leading up to its creation. Include information on the product lines or services, management, key employees, the operation s growth and affiliates. EXHIBIT 2: The Project and Related Marketing Plan Describe the proposed project for which financing is being requested. Detail the marketing strategy and describe how it will support the planned business expansion or startup. Include information on the following: + Current customers and target markets (provide copies of contracts, purchase orders, etc., which relate to the loan request); + Manufacturing process and materials; + Major suppliers; + Competition and comparison of products; + Pricing, distribution, and promotion. EXHIBIT 3: Detailed Source and Use of Proceeds Detail how the total project amount will be used including all sources of funds. Attach written cost estimates. EXHIBIT 4: List of Collateral Provide a detailed list of all collateral offered, new and existing, its value, and security position by funding source. Values of existing equipment should be supported by an independent appraisal. Proof of insurance and a UCC filing of equipment will be secured prior to closing. EXHIBIT 5: Commitment Letters Include firm commitments from banks and other participating lenders stating the terms and conditions for their financing. EXHIBIT 6: Impact on Community/Jobs/Revenue Describe how the proposed project will benefit the community or area in which the business is located. Be specific in terms of the type and number of jobs created or preserved, the wage rates, and the proposed hiring schedule. The annual projected increase to property tax revenue created in Carlton County and/or how this project will enhance community development. All relevant statements will be required as part of the loan closing documents; to include, but not limited to, job creation statement and/or property tax estimate. EXHIBIT 7: Financial Statements Provide balance sheets, income statements and cash flow statements for the past three years and an interim statement less than 90 days old. Include footnotes and relevant accounting policies. EXHIBIT 8: Schedule of Business Debts List original amount and date, present balance, interest rate, monthly payments, maturity, collateral, personal guarantees and indicate whether the loan is current or delinquent. EXHIBIT 9: Projections Provide two years pro forma balance sheets, income statements and cash flow stated on a monthly and annual basis. Define the assumptions used to derive the projections. EXHIBIT 10: Resumes and Personal Financial Statements Provide resumes of all principals as well as current, dated and signed personal financial statements on all principals with a significant interest in the business. EXHIBIT 11: Affiliates Provide a description of any affiliates or subsidiaries of business or principals requesting assistance, as well as balance sheets and income statements for the past two years. EXHIBIT 12: Appraisals/Proposed Lease/Purchase Options or Agreements An independent appraisal will be required for any real estate or equipment 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 options or agreements, or other financial arrangements. EXHIBIT 13: Partnership Certificate of Authorization or Corporate Certificate of Authority Include minutes of the corporate meeting adopting this certification, where applicable. Evidence of the corporate action approving the borrowing will be required at closing. EXHIBIT 14: Other Required Attachments + Copy of last year s business income tax statement + Copy of last year s personal income tax statement of principals + Evidence of payment of last quarter s payroll tax + Evidence of Workers Compensation insurance coverage + Evidence of Company Ownership 7

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