CITY OF REDWOOD FALLS PORT AUTHORITY REVOLVING LOAN FUND (RLF) APPLICATION

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1 CITY OF REDWOOD FALLS PORT AUTHORITY REVOLVING LOAN FUND (RLF) APPLICATION October, 1999

2 Revolving Loan Fund Guidelines City of Redwood Falls The purpose of the Revolving Loan Fund (RLF) is to provide financial assistance for new and existing industrial, manufacturing and for certain types of new commercial businesses located or locating in Redwood Falls. Targeted Areas in Redwood Falls 1. Industrial Parks 2. Other Industrial Zoned Areas 3. Other Commercially Zoned Areas Types of Assistance 1. Existing Industrial Expansion defined as industrial related expansion and costs related thereto, including land and building acquisition and public facility improvements. 2. Development of New Industries and Businesses Defined as the establishment of new industrial and new commercial businesses in all phases, including land and building acquisition and construction, remodeling and equipment. 3. Industrial and Business Equipment Acquisition defined as the purchase of additional depreciable assets for the purpose of expanding industrial and commercial activities. Criteria for Use of RLF Funds: 1. Equity Requirements- An applicant s equity participation must equal at least five and preferably ten percent of the total fixed assets of the business after the new loans and acquired assets, if any, are included. 2. Collateral Position RLF loans will be in a junior or shared collateral position to the major source of project financing. 3. Loan Term The term of a loan should coincide with the term of the private portion of the loan but may be shorter or longer, depending on the circumstances. 4. Interest Rate The interest rate on the direct RLF loan will be three to five points below the going treasury rate, but under no circumstances shall the interest rate be lower than four percent. 1.

3 5. Accelerated Payments The loans should be structured so that the principal amount of the loan would be due and payable upon default or in the event that the industry or business leaves the corporate limits of the City of Redwood Falls. Prepayment discounts may be negotiated. 6. Eligible Costs See 11 (d) on page Private-Public Ratio The minimum leverage ratio shall be two to one, private debt and/or assets to RLF debt. The Redwood Falls Port Authority may at their discretion modify the private-public ratio when a project demonstrates significant community impact. 8. Transfer of Ownership RLF proceeds cannot be used to transfer ownership through acquisition of fixed assets unless the transfer results in a physical remodeling or expansion project approved by the Redwood Falls Port Authority. 9. Selection Criteria A primary objective of this program will be the creation or retention of new livable wage jobs within the City of Redwood Falls. The job/cost ratio for each project should be $15,000 that can be borrowed by the applicant for each Full Time Equivalent (FTE) position. A majority of the jobs created or retained should be made available to low and moderate income persons. 10. Loan Review Committee Applications will be reviewed by a loan committee consisting of the Economic Development Authority and RADC Economic Development Specialist. The loan committee will review the application and award or decline the loan request by a simple majority vote. Loan awards greater than $50,000 will require approval from the Redwood Falls City Council. The Redwood Falls Port Authority will be responsible for making arrangements with the City Attorney to process the legal documents before loan funds are disbursed. 11. Other Requirements a) Maximum loan amount will be $50,000. b) Applicant must meet the underwriting criteria and have a recommendation from a primary lender. c) Cash flow must be adequate to cover all indebtedness. d) Eligible costs include land, buildings, fixtures, equipment, operating capital and public infrastructure improvements. Assets pledged as collateral must be approved by both the City and the primary lender and may include land, buildings, fixtures, machinery, equipment, inventory and accounts receivable. e) Applicant must provide current financial records of the company, including 3 years of historical financials of balance sheets, profit/loss and cash flow statements. New companies must provide adequate pro-forma financial statements. f) Applicant must provide a complete business plan. Assistance can be provided at the RADC. g) Applicant must provide valid bids or quotes for the proposed project. 2.

4 12. Other h) Applicant must pay a non-refundable processing fee of 1% of the requested principal to the City of Redwood Falls. i) Revolving Loan Fund must not be used to transfer ownership through acquisition of fixed assets unless the transfer results in commercial/industrial expansion approved by the City. j) Revolving loan funds must not be used to refinance existing debt. a) Applicant agrees to hold the loan committee, City Council and Mayor harmless in the event of an error or omission in the processing of an application. b) The loan committee cannot guarantee the confidentiality of any information it receives and the applicant acknowledges that any information received may be disclosed to the public. c) The loan committee or the City Council may waive any of the requirements contained herein, whenever the best interests of the City would be served. The reason for any waiver must be noted specifically. d) Each loan applicant will be judged individually, based on it s own particular set of circumstances. 13. Business Subsidy Compliance (MN Statutes, Sections 116J J.995) The purpose of this compliance section is to determine that assistance provided to a for-profit business in excess of $25,000 is actually needed to make the project work and is not excessive in the amount of assistance. In order to accomplish this determination, for-profit businesses applying to the RLF shall provide the following items listed in the check list for all Redwood Falls Port Authority applicants. Your application for revolving loan fund financing will not be considered until all application check list items have been submitted. 1. Signed and dated application 2. A complete business plan including market analysis and management plan. 3. If an existing business, 3 years historical financial information Including balance sheets, income statements and cash flows, and complete tax returns. If a sole proprietorship, applicant must submit a complete Schedule C and depreciation schedule. 4. If a new company, pro-forma balance sheets, income statements and cash flow statements for the next 2 years. Include a complete list of assumptions for each statement. 5. Schedule of debts, listing Notes, Mortgages and Contracts payable. 6. If an existing business, aging of accounts receivable/payable. 7. Signed and dated Personal Financial Statement not over 90 days old. 3.

5 8. Detailed use of funds (working capital, equipment quotes, land appraisal, other assets being offered as collateral, etc.) 9. Copy of any Purchase Agreement or other pertinent agreements. 10. Explanation of source of funds in the event of cost overruns. 11. Letter(s) from committed sources of funds from Primary Lender or other lenders. 12. Other information not listed above that may assist the Redwood Falls Port Authority in making a credit decision. The Port Authority will also require information necessary to allow them to make the following determinations: a) Whether project costs are reasonable in comparison to similar projects or industry standards. b) Whether pro-forma projections are reasonable when compared with historical data (if any) or with industry standards (i.e., RMA, etc.) c) Documentation of private and bank funds that are committed to project costs. d) Terms of any loan proceeds that are part of project. e) Documentation that a financing gap exists and financial assistance is necessary. f) Documentation that the rate of return is unsatisfactory and financial assistance is required to improve said rate of return. g) Demonstration that a location preference of Redwood Falls versus some other community (in State or out of State) exists and financial incentives are necessary to cause the project to remain in Redwood Falls. (Note that items e, f, and g, will be required to the extent they are the basis for the request for assistance. Further, the Port Authority may waive, in certain instances, some information and documentation required as may, in a certain instance, require additional documentation or information for matters not covered above. The attached Form will be used to aid the Port Authority in determining whether the project is necessary or appropriate. 14. Other Business Subsidy Requirements a) In the event the RLF funds are used that are subject to Program Income requirements, the HUD Program Income Regulations will be followed. b) In the event RLF funds are used that are subject to Davis-Bacon Requirements, businesses assisted will be so informed and the Port Authority will be responsible to insure that Davis-Bacon Guidelines are complied with. c) Businesses assisted with RLF funds must provide valid bids for construction work to be done or equipment to be acquired in whole or in part with RLF funds to verify cost effectiveness. 4.

6 Review of Public Benefit Analysis 1. Describe the nature and amount of the public benefit (i.e., jobs, taxes, other development, etc.) claimed as justification for the project Conclusion A necessary or appropriate analysis was conducted by the grantee or a sub recipient which appears to support the conclusion that the amount of RLF assistance provided was reasonable, taking into account both the actual needs of the business in making the project financially feasible and the extent of public benefit reasonably anticipated? Yes No If no explain: 5.

7 REVOLVING LOAN APPLICATION CITY OF REDWOOD FALLS FEDERAL I.D. # STATE I.D. # APPLICANT: d/b/a: ADDRESS: BUSINESS PHONE: HOME PHONE: CELL # CONTACT PERSON: (If different from applicant) COST OF PROJECT: (If Applicable) Check Cost_ New Business Start-Up Existing Business Expansion New Construction Inventory Purchase Machinery & Equipment Purchase Working Capital Renovation or Remodeling Purchase Building TOTAL DOLLAR PROPOSED COLLATERAL PROPOSED FINANCING AMOUNT RATE/TERM OFFERED Applicant Contribution Local Revolving Loan Fund % / YRS Financial Institution % / YRS State of Minnesota % / YRS Other Sources % / YRS TOTAL.. 6.

8 SUMMARY OF MONEY NEEDED 1. Land Cost $ 2. Building Cost 3. Machinery & Equipment 4. Furniture & Fixtures 5. Leasehold Improvements 6. Inventory 7. Franchise Fees 8. Franchise Signs 9. Debt Payments 10. Accounts Payable Payments 11. Fees and Miscellaneous Expenses A. B. C. 12. Cash as Working Capital TOTAL $ Amount of the loan request Amount invested by you as equity (if new business) Source of equity $ $ Employment: Current number of employees Full-time Part-time Jobs retained Full-time Part-time New jobs created as a result of project Full-time Part-time Salary range for these jobs $ /hour to $ /hour and/or $ /year to $ /year 7.

9 Applicant Signature Form: 1. Items listed on the City of Redwood Falls RLF Application Guidelines are agreed to herein submitted. 2. Applicant certifies that all information contained in this application and all information offered in support of this application is true and complete to the best of my/our knowledge and belief. 3. Applicant agrees that verification may be obtained from any source named. 4. Applicant agrees that a personal and business credit report may be obtained 5. Applicant agrees that a personal background check may be conducted. 6. Applicant certifies that he/she understands and agrees to abide by the requirement that the number of jobs proposed to be retained or created be done so within 18 months of loan closing with a majority of those jobs being made available to low and moderate income persons. Business Name CEO Name Date Signature of other principals involved in the business: 8.

10 PERSONAL FINANCIAL STATEMENT (To be obtained from the Small Business Administration) Form # 413

11 BANK S APPRAISAL BORROWER: ADDRESS: Bank s Estimated Value of Collateral Business Land & Buildings Dollar Amount of Prior Liens After Applying Loan Funds Machinery & Equipment Furniture & Fixtures Automotive Equipment Inventory Accounts Receivable (Current Receivables Only) Other TOTAL VALUE In Bank s opinion, Collateral is is not reasonably adequate to secure this loan. COMMENTS (If any): Bank Signature Title Date:

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