KEWEENAW BAY OJIBWA HOUSING AUTHORITY SMALL BUSINESS LOAN POLICY

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1 KEWEENAW BAY OJIBWA HOUSING AUTHORITY SMALL BUSINESS LOAN POLICY INTRODUCTION The Board of Commissioners of the Keweenaw Bay Ojibwa Housing Authority (OHA) recognizes the need to assist tribal members in their efforts toward starting or improving individually owned small businesses. The Small Business Revolving Loan Program will be initially capitalized using funds provided by the U.S. Department of Housing and Urban Development through their Rural Housing and Economic Development Grant (RHED). The program will be operated according to those grant requirements. In the near future, the program will be able to solicit other persons and entities willing to donate tax deductible funds to further promote the program. The fund will be operated in partnership with the OHA and the Keweenaw Bay Ojibwa Housing and Community Development Corporation (CDC). The OHA will sub-grant the funds to the CDC and the CDC will provide small business loans at low interest rates to qualified tribal members who are or wish to be entrepreneurs and desire low-interest, flexible funding. The program will continue to operate with the proceeds from loans repaid by borrowers. The Small Business Revolving Loan Program will assist tribal member owned small business projects and provide several benefits: Reduced monthly payments on business loans compared to other lenders. Reducing cost to borrow will make tribal small business endeavors more affordable. The program will allow qualified tribal members to save between several hundred up to several thousand dollars in interest costs. Promote business activity for our community and tribal businesses. Increase the value of our tribal member s assets. Increase financial and investment literacy. These Policies and Guidelines provide information to members with respect to Program administration, terms, eligibility, application and closing procedures. The Policies are intended to provide important assistance to members while, at the same time, protecting the Tribe s interests and assuring that all members are treated fairly. 1

2 I. Administration of the Program A. Role of the CDC. The CDC shall 1. Administer all aspects of the loan program, including; 2. Provide outreach about the program to interested tribal members; 3. Provide loan applications and copies of loan policy to interested parties; 4. Process all loan documents; 5. Maintain the integrity of each loan applicant s file; 6. Develop forms and any additional procedures appropriate for application to the Program; 7. Maintain sufficient records to demonstrate Program compliance with all applicable laws, rules, policies and procedures; 8. Provide such reports as may be requested by the Keweenaw Bay Ojibwa Housing Authority; 9. Maintain an accounting system, for all Program funds maintained and disbursed, which meets normal and acceptable accounting standards; 10. Update accounting system no less than once per week with any charges, payments, or transactions. B. Executive Director. The CDC Executive Director, who shall have primary responsibility for Program administration and shall have the authority to execute mortgage satisfactions, mortgage modifications, mortgage subordinations, documents required in order to close loans, and documents otherwise necessary for the administration of the Program, subject to such restrictions as the CDC Board shall impose. C. Loan Committee. The CDC board shall serve as the loan committee, which shall review loan packets approved by the Executive Director and ultimately approve or disapprove loans in accordance with these Policies. D. CDC Board of Directors. The CDC Board shall request from the Executive Director such reports and records as may be necessary to exercise oversight to assure compliance with these policies. II. Program Terms and Conditions A. Eligibility. An applicant must 1. Be an enrolled Tribal member at least 18 years of age; 2. Not be in default of any loan program administered by the Tribe, the Ojibwa Housing Authority or the CDC; 3. Must have no more than three late payments within the last six months on their credit report and no collections, unless collections are in dispute. Disputed accounts must provide documentation to that effect; 4. Have no unpaid past debts to the OHA or CDC; 5. Show continuous employment for at least 6 months; 6. Comply with the application process set forth in this policy; 7. Agree to Technical Assistance terms and requirements; and 8. Provide necessary collateral proof and documentation. Small Business Loan Program 2

3 B. Use of loan proceeds. Proceeds of loan under this Program shall be for the expansion or start-up costs associated with the borrower s small business. Loans can be used for any small business project, provided that 1. Applicants may use the funds for these items: (i) Capital expenditures (computer, equipment, vehicle, etc); (ii) Inventory; (iii) Operating capital (limited to 10% of loan); (iv) Business property rental; (v) Business debt consolidation; (vi) If construction or other services are required where a tribally owned business provides that service or product, the borrower shall utilize the tribal business unless specifically authorized by the executive director to use an alternative source. C. Combined Loan to Value. If a borrower uses their home for collateral, the total of all loans secured by the borrower s home may not exceed 90% the purchase price of the home or, if the loan is made after purchase, the total appraised value of the home. The applicant is responsible for providing an acceptable appraisal of their home. D. Loan Amount. The amount of the loan shall be limited as follows: 1. The minimum loan amount shall be $1, In no event may the loan amount exceed $30,000. E. Rate of interest. The rate of interest shall be equal to the federal funds rate as announced by the Federal Open Market Committee of the Federal Reserve Board from time to time. Interest will be computed as of the first day of the month based on the unpaid balance as of the last day of the preceding month. Interest calculations will assume twelve (12) thirty-day months. The minimum interest rate for this Program is 3.0% or the federal funds rate, whichever is higher. F. Term of Loan. The term of any loan in excess of $10,000 shall be ten years and the loan shall be amortized over ten years, repayment to be made in 120 equal monthly payments. The term of any loan between $5,000 and $10,000 shall be five years and the loan shall be amortized over five years, repayment to be made in 60 equal monthly payments. The term of any loan under $5,000 shall be 3 years and the loan shall be amortized over three years, repayment to be made in 36 equal monthly payments. A borrower may prepay the loan without penalty. G. Security. Each loan made under this Program shall be secured by: 1. A mortgage if being used for collateral, which shall be recorded as provided by law; in the absence of other law, a mortgage relating to the leasehold of tribal trust land shall be recorded with the Bureau of Indian Affairs and the county register of deeds. 2. Collateral. A minimum of 50% security for the business loan request must be offered. 3. An agreement or agreements providing for Small Business Loan Program 3

4 (i) (ii) (iii) a mortgage; a right of automatic set-off from any amounts due the Borrower from the Tribe, the Ojibwa Housing Authority or the CDC; and a security interest in such other collateral as the CDC requires. H. Perfection of Security Interest. The CDC s security interest in personal property pledged to secure the loan shall be perfected by filing a UCC-1 Financing Statement. I. Assumability. Loans made under this Program may not be transferred or assumed without the express written consent of the CDC. III. Application Process A. Application. Each applicant shall submit to the CDC such documents as the CDC may require, including: 1. A complete loan application. 2. A complete business plan (see Appendix A for suggested guidelines), including projected revenue. 3. Proof of Tribal enrollment- copy of tribal enrollment card. 4. Documentation of application for tribal business license (copy of application). 5. Proof of ownership, including current business license, if applicable. 6. Appraisal of the Property to be used as collateral, provided by the applicant. 7. Proof of homeowner s insurance- copy of declaration page indicating agents name and phone number, amount of dwelling coverage, and policy expiration date, if applicable. 8. Mortgage statement- for first mortgage loans indicating current balance and next due date, if applicable. 9. Federal income tax forms- a complete copy of most recently filed return, signed and dated including W2 forms, 1099 forms and schedules, if self-employed submit 2 years tax forms. 10. Proof of Employment- copy of 2 most recent payroll check stubs. 11. Evidence of Social Security benefits- copy of either annual social security award letter or bank statement, if direct deposit, or your next check. 12. Evidence of Pension or disability income- copy of most recent check stub. 13. Evidence of Child support- copy of child support history for the last 6 months from local court. 14. Other Relevant Financial Information requested by the CDC. 15. Authorization of Disclosure to CDC of information relating to credit and financial information. 16. Documentation of amount of funds needed for the start-up or expansion of current business, including a copy of a proposed business plan, including a complete material/purchase item list. B. Interview. The CDC shall schedule eligibility interviews for each applicant with the Executive Director, the Loan Committee and/or their authorized agents/designees within 15 days of receiving their application. At the interview, the Executive Director shall explain all terms and conditions of the Program and review the application with the applicant. C. Verification of Eligibility. The CDC shall verify the information provided by the loan applicant. The CDC shall have the authority to request and obtain a credit report, wage verification, current Small Business Loan Program 4

5 appraisal, and title information for each applicant. The applicant shall be responsible to provide such information as may be requested by the CDC or the Loan Committee to assist in the evaluation of the loan application. The CDC or the Loan Committee may, at their discretion, require an independent appraisal of the property in question as collateral, at cost to the applicant, if either has a reasonable suspicion the value of the property in question is not accurately reflected in the appraisal submitted by the applicant. The CDC reserves the right to deny a loan application based on its sole determination that the proposed business plan does not have viable or realistic revenue flow or that there is not enough evidence to support projected income. D. Loan Decision. Upon verification by the Executive Director that the loan applicant has fully completed the application and satisfies the eligibility criteria, the Director shall furnish the application, along with supporting documentation, to the Loan Committee. The Loan Committee will determine whether to approve the loan and, if approved, the amount of the loan. The Loan Committee shall provide the reasons for its decision, referencing the criteria of these policies. E. Notification to Borrower. The CDC shall notify the borrower in writing within five (5) working days of the Loan Committee s decision. Notice shall include: 1. If the loan has been denied, the reasons for the denial and, if applicable, the steps that the borrower must take in order to qualify for the loan. 2. If the loan has been approved, the amount approved for the individual account, the documents that the borrower must furnish at closing, information regarding closing procedures and a date by which the borrower must close the loan. 3. The borrower has 180 days to spend the approved loan funds, beginning the date of approval. IV. Loan Closing A. Loan Documents. If a loan under this Program is made concurrently with a tribal combination forgivable/no-interest loan, all of the closing requirements for that program must be satisfied and, in addition, the following documents shall be delivered at closing: 1. Promissory Note; 2. Mortgage or Leasehold Mortgage; 3. Agreement for right of set off and security agreement in other collateral, if required; 4. Such other documentation to meet Program requirements as the CDC may require. B. Amortization Schedule. At closing, the Program administrator will deliver to the Borrower an amortization schedule showing the payments due each month and the final payment date. V. Disbursement of Loan Proceeds. Disbursement of loan proceeds shall be by check to the thirdparty vendors listed in the approved business plan. For business plans requiring construction or remodeling, loan proceeds shall be by check to the performing contractor, in accordance with the approved construction contract, provided that for contracts exceeding $5,000, Small Business Loan Program 5

6 A. Not more than 25% shall be paid at the time of contract execution in the absence of extraordinary circumstances. B. Progress payments shall be made pursuant to certifications by owner that the amount of payment requested is commensurate with the amount of work completed, subject to a 10% hold back. C. Final payment shall be made only after certification by an inspector that the work has been completed in accord with the construction contract and satisfies all applicable building codes. VI. Borrower s Post-Closing Obligations A. Borrower shall inform the CDC of any change in circumstances that may affect the Borrower s ability to repay the Loan. B. Borrower shall furnish evidence of payment of taxes and insurance upon request of the CDC. C. Borrower shall cooperate in remedying any defect in the loan file, including, but not limited to, execution by the Borrower of any documents required under these policies. D. In the event the Borrower files for discharge of debts through bankruptcy, the CDC may, depending upon which course of action best protects the CDC s interests, seek to lift the bankruptcy stay and foreclose or seek reaffirmation of the debt by the Borrower. In the event of demonstrated hardship, the CDC may enter into a forbearance agreement with the borrower, for a term not to exceed six months, renewable for cause. The agreement shall provide that upon expiration of the forbearance agreement either; (a) the loan shall be re-amortized in order that the final payment shall occur as provided in the original amortization schedule or (b) the term of the loan shall be extended as agreed by the parties. VII. Default A. A violation of any term of the loan documents or policies constitutes a default. B. More specifically, thirty days late shall constitute default. C. In the event of a default, the CDC shall send the borrower written notice by certified US mail return mail receipt requested or serve notice by personal delivery, with affidavit of service. The notice shall include the name, address and telephone number of the CDC, identify the loan and the default, and state the total payment (including an itemization of any delinquency charges) or other performance necessary to cure the default. D. If the borrower does not cure the default within the time permitted by the notice, the CDC may pursue remedies, including 1. an action to recover amounts owed, together with interest, penalties and costs, including reasonable attorney fees; 2. Foreclosure; Foreclosure actions relating to leasehold interests in tribal trust lands shall be in tribal court, in accordance with applicable tribal law. Small Business Loan Program 6

7 Appendix A Business Plan Format The Business Plan format is a systematic assessment of all the factors critical to your business purpose and goals. Here are some suggested topics you can tailor into your plan: - Purpose and Goals of the business - Personal Resume and Resumes of employees (if applicable) o Include a list of desired qualities in future employees (if applicable) - Business Relationships o Include competitors and how your business will have a competitive advantage - Market o Who? o What? o Where? o When? - Economic Assessment o How will your company fit in with the community? - Cash Flow Assessment o Provide a realistic two-year cash-flow that incorporates capital requirements o Include what could go wrong and how you plan to handle potential issues/problems - Marketing Strategies o How will you advertise? Small Business Loan Program 7

8 Appendix B Small Business Loan Checklist to be completed by Program Administrator Complete application Documented Tribal member Not in default on any loan program through the KBIC tribe, KBOHA, or KBOHCDC No unpaid debts to OHA, OBS, OB, OBP Continuous employment of at least 6 months Proof of income Credit report pulled, with no more than 3 late payments within past 6 months & no collections Principal place of residence Listed fair market value of collateral items Valid appraisal of property performed, if requested by Director or loan committee Loan to Value calculation of <90% Debt to Income calculation of <42% Loan amount requested / Term of loan Proof of business license, if applicable Written business proposal Authorization of disclosure to CDC List of materials/equipment needed for start or expansion Documentation of amount of funds needed- verified by Indian Contractor (if applicable) Interview with Executive Director & Administrator to explain all terms & conditions Loan decision by board: yes/no/conditional Notification to Borrower Closing documents signed Promissory note Mortgage/UCC financing statement Amortization schedule to Borrower Record at County and BIA, if necessary Small Business Loan Program 8

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