SMALL BUSINESS REVOLVING LOAN FUND GUIDELINES

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1 SMALL BUSINESS REVOLVING LOAN FUND GUIDELINES 1.0 INTRODUCTION Fay-Penn Economic Development Council has established a Small Business Loan Fund. The Small Business Loan Fund Program is designed to stimulate economic growth and to expand our services by providing financing and other support to individuals and/or companies that would not otherwise have access to these resources. The program provides affordable, non-conventional financing to eligible small businesses with fifty (50) or less employees or individuals that have little to no access to commercial banking and requiring a loan of $100,000 or less for business start-up, development capital or debt refinancing. It is expected that this program may reach minorities, women, farmers, and other individuals that may not otherwise qualify for funding or that may fail because of their inability to refinance current debt at acceptable rates and terms. In addition to financing, Fay-Penn intends to continue to work with clients by providing business counseling and assistance, whenever possible, to assist in helping these micro-businesses grow and succeed. 1.1 NON-DISCRIMINATION & COMPLIANCE WITH OTHER FEDERAL LAW Fay-Penn is an Equal Opportunity Lender, Provider. No person will be excluded from participation in, or otherwise discriminated against, on the basis of race, creed, color, national origin, religion, gender, handicap, or age. Fay-Penn Economic Development Council prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual's income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Loan recipient receiving funds under this program must comply with other applicable Federal laws, including the Equal Employment Opportunities Act of 1972, the Americans with Disabilities Act, the Equal Credit Opportunity Act, the Civil Rights Act of 1964, Section 504 of the Rehabilitation Act of 1973, the Age Discrimination Act of 1975, and 7 CFR part 1901, subpart E.

2 2.0 SMALL BUSINESS LOAN PROGRAM OVERVIEW 2.1 PROGRAM ADMINISTRATOR The Small Business Loan Fund Program will be administered by Fay-Penn Economic Development Council, a community based, private, non-profit agency that provides professional development services to companies interested in expanding operations in Fayette County. Fay-Penn will accept and process applications, underwrite and recommend approval of loans, ensure proper loan closing and disbursement of funds, maintain loan files and fiscal records. Fay-Penn staff will follow and ensure compliance with these guidelines. 2.2 PROGRAM SERVICE AREA Financing under this program is available to eligible businesses in the entire County of Fayette, and based upon referrals from regional partners, may assist projects located in communities meeting the rural definition located in neighboring Greene, Washington, Westmoreland and Somerset Counties. 2.3 SOURCE OF PROGRAM FUNDS The Small Business Loan Fund Program is capitalized in part through Fay-Penn Economic Development Council and the U.S. Department of Agriculture. This Loan Program has certain conditions that must be met, as described below. 2.4 ELIGIBLE LOAN APPLICANTS The following entities are generally eligible to apply for loans provided they owe no delinquent debt either privately or to the Federal, State or Local Government: All applicants who are unable to obtain credit elsewhere, (form must be signed by lender and borrower). Individual citizens or individuals who have been legally admitted to the U.S., and All applicants must be located in the Program Service Area as defined in Section 2.2. A for-profit corporation, partnership or proprietorship A business entity, located in a rural area, with not more than 50 full-time-equivalents (FTE) employees (See definition below). Rural enterprises are businesses employing 50 FTE people or fewer that are in need of $100,000 or less in business capital. Such businesses may include any type of legal business that meets local standards of decency. Business types may also include agricultural producers provided they meet the stipulations in this definition. 2.5 OTHER ELIGIBILITY REQUIREMENTS Must have a credit score of 600 or above. Find out if you are likely to meet this requirement: use MyFico s Credit Score Estimator for free, or obtain your actual credit score for a small fee at AnnualCreditReport.com. Have not declared bankruptcy in the past 12 months Have not had any late rent or mortgage payments in the past 24 months Exhibit steady cash flow and the ability to support monthly loan payments Small Business Revolving Loan Fund Guidelines 2

3 Can provide a cosigner, if needed Sufficient collateral Provide acceptable appraisal for real estate and/or equipment All loan applicants must show evidence of adequate insurance coverage. All insurances must be maintained intact during the term of the loan. Fay-Penn Economic Development Council must be listed as a loss payee/or mortgagee. The guarantors may be required to provide an assignment of necessary life insurance coverage equal to the loan amount. Applications for projects involving the acquisition of real estate other than residential structures without any outward, visual indications of environmental concerns must include at least a Phase One Environmental Audit report by a firm acceptable to Fay-Penn. A business cannot apply for more than one SBLF loan within any 12 month period. 2.6 ELIGIBLE PROJECTS Below is a listing of projects that qualify for consideration: Business Acquisition Equipment Purchase Purchase or lease of real estate that is already improved and will be used for the location of the subject business only Renovations Refinancing of Existing Debt Operating Capital Furniture, Fixtures, Supplies and Inventory 2.7 INELIGIBLE PROJECTS Below is a listing of projects that do not qualify for consideration: Distribution or payment to a borrower when such will use any portion of the loan for other than the purpose for which it was intended Distribution or payment to a charitable institution not gaining revenue from sales or fees to support the operation and repay the loan Loans to a fraternal organization Any illegal activity Golf courses, race tracks, or gambling facilities Lines of Credit Subordinated liens Use of an Agency funded loan to pay debt service on a previous Agency loan Program funds will not be used to facilitate the movement of a business from one labor market area to another Projects that are primarily housing in nature Projects not meeting Fay-Penn objective or public benefit or Fay-Penn underwriting standards Projects not located within the service area Subsidy of interest payment on existing loans Family Subsidization Small Business Revolving Loan Fund Guidelines 3

4 3.0 DESCRIPTION OF LOANS 3.1 DETERMINATION OF LOAN AMOUNT The maximum Small Business Loan Fund amount is $100,000 and the minimum loan amount will generally not be less than $5,000. SBLF requires a minimum of 10% equity in the project of an acceptable form. Start-Up projects may be required to provide up to 25% in cash equity. Loan amounts and terms will be determined based on the ability of the business to service the new loan payment, and the reasonableness of the costs to be paid for by the loan. If there are not sufficient Small Business Loan funds for the project, then Fay-Penn may be able to assist in identifying other public and/or private funding to leverage the project financing. Applicants borrowing $50,000 or more must commit to creating or retaining one full-time job for every $30,000 loaned. Definition of Full-Time Equivalent Employee (FTE): Applicants must have fifty (50) or less FTE employees in order to qualify for Small Business Loan Program funding. For purposes of this program, a full-time equivalent (FTE) job is defined as 35 hours per week x 52 weeks per year = 1,820 hrs. FTE employment will be calculated as show in the following example: Total hours of all full-time, part-time and seasonal workers during the calendar year: 7,390 Divided by: 1,820 Total FTE Jobs: 4.06 If an FTE calculation results in a fraction, it should be rounded up to the next whole number. The owner/operator in a business project will be counted as one employee. 3.2 LOAN TERM & INTEREST RATE Loan terms can range up to a maximum of ten (10) years depending upon the project being funded and the security being pledged. (A loan s maturity date will take into consideration the use of proceeds, the useful life of the assets being financed, and the borrower s ability to repay the loan). Terms: 10 years or less for real estate or leasehold improvements 7 years or less for equipment 5 years or less for related working capital Interest Rate: Interest rate fixed or tiered at 3-5%, depending on the project. FAY-PENN RESERVES THE RIGHT TO INCREASETHE INTEREST RATE TO A MAXIMUM OF 4% ABOVE PRIME FOR LOANS THAT HAVE FAILED TO MEET TERMS AND CONDITIONS OF THE LOAN AGREEMENT. Small Business Revolving Loan Fund Guidelines 4

5 3.3 PAYMENTS Generally, loan repayments will be made in equal monthly installments. Partial or full repayment of debt may be made at any time without any pre-payment penalties being assessed. Agricultural or Seasonal: May qualify for a payment deferment period of up to 6 months. 4.0 LOAN PROCESSING AND APPROVAL 4.1 LOAN FEES A non-refundable application fee must be submitted to Fay-Penn with the completed application. The application fee is.25% for non-members and.15% for members, based on the amount of the loan with a minimum of $100. A loan commitment fee of not less than $300 or 1% of the loan amount is required upon acceptance of the commitment letter. All Fay-Penn legal fees and closing costs are the responsibility of the applicant. There are no prepayment penalties. 5% Late Fee charged for each monthly payment not received ten (10) days after the due date. 4.2 APPLICATION REQUIREMENTS Completed Loan Application. Completed business plan. Loan commitment letters from other participating lending sources. Last three years of personal tax returns. Three year financial projections. Personal financial statements of owners on standard bank form. Existing Businesses: Completed business balance sheets and profit and loss statements for the last 3 years, along with the last 3 years of business tax returns. The applicant should be prepared to supply any additional information to Fay-Penn including personal financial information that may be requested during review process by Fay-Penn. Failure to supply the required information will terminate the project form eligibility. Applications that do not contain all commitment letters will be accepted for internal review provided the applicant pays the non-refundable $ application fee. However, no formal action by the Fay- Penn Loan Review Committee will be made until all requested information is provided. Small Business Revolving Loan Fund Guidelines 5

6 4.3 LOAN CLOSING PROCESS AND DISBURSEMENT OF FUNDS Upon loan approval, Fay-Penn staff will have all documentation necessary prepared for loan closing. The Borrower will sign all the necessary documents and agreements. Fay-Penn s designated legal counsel will prepare the loan closing documents; prepare title and lien searches, and UCC-1 filings. Borrower will be responsible for all cost of document preparation, filing and legal fees of counsel for both parties. In most cases, loan funds will be disbursed incrementally on a reimbursement basis, or direct payment of vendor/contractor invoices, as eligible costs are verified. Funds under this Small Business Program are provided to eligible businesses as loans. Funds under this Small Business Loan Program can pay for reimbursement of expenses incurred prior to Fay-Penn s formal loan approval. Projects must have reasonable assurance or repayment of loan funds. 5.0 OTHER OBLIGATIONS, CONDITIONS AND/OR SUPPORT 5.1 TECHNICAL ASSISTANCE AND TRAINING On occasion, education, guidance, and/or instruction may be offered to loan recipients to prepare them for self-employment; to improve the state of their existing rural enterprises; to increase their capacity in a specific technical aspect of the subject business; and, to assist in achieving a degree of business preparedness and/or functioning. Loan recipients are required to accept and/or participate in programs and/or assistance offered. 5.2RECORDKEEPING, REPORTING AND OVERSIGHT Loan recipients must maintain all records applicable to the loan and make them available to Fay-Penn upon request. Loan recipients must agree to provide information and/or documentation to Fay-Penn as may be requested from time to time, (for example, employment information, new investments, etc. Fay-Penn will report your repayment to all three (3) credit bureaus, helping you build a positive credit history. Copies of yearly tax returns for the business must be supplied to Fay-Penn. 5.3 CREDIT ELSEWHERE EVIDENCE Borrowers will be subject to a credit elsewhere test so that the lender will make loans only to those borrowers that cannot obtain business funding of $100,000 or less at affordable rates and on acceptable terms. Each borrower file must contain evidence that the borrower has sought credit elsewhere or that the rates and terms available within the community at the time were outside the range of the borrower s affordability. Evidence may include a comparison of rates, loan limitations, terms, etc. for other funding sources to those forth offered by the lender. Denial letters from other lenders are not required, (but the Lack of Credit Availability Form must be signed by the borrower and the financial institution). Small Business Revolving Loan Fund Guidelines 6

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