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8 <br />3. At the monthly meeting, the Loan Committee will decide whether or not to take action on <br />the request, based on the information provided. The applicant will be informed in writing <br />of the Loan Committee's decision. Should the Loan Committee deny the applicant's <br />application, the Loan Committee will not consider any applications from that applicant <br />for at least six months. <br />4. At its discretion, the Loan Committee may impose any additional terms and conditions <br />necessary to improve the loan or to secure the applicant's loan. The Loan Committee shall <br />require an itemized budget detailing the proposed use of loan funds. <br />5. After Loan Committee approval, applications will be presented to the Board of County <br />Commissioners as a report at the next regular Board of County Commissioners' meeting. <br />In addition, any default or loan loss will be reported immediately at the next Board of <br />County Commissioners' meeting. <br />6. Should the applicant feel that his/her application has been improperly denied, then he/she <br />should notify, in writing, the Chair of the Loan Committee of his/her position. Denial of <br />the application shall then be reviewed by the Loan Committee for further consideration. <br />LOAN ANALYSIS <br />The Loan Committee shall review and consider a number of items in determining whether a loan <br />should be made. The Loan Committee will consider the applicant's length of residence in <br />Orange County, the applicant's effort to provide a living wage to employees, the applicant's <br />contribution to health benefits for all employees, and the proportion of loan proceeds to be used <br />for working capital or operational funds. Other specific items shall include at least the following: <br />I . Business plan. <br />2. Employment plan (including projected need for employees; skill levels and education <br />required; employee compensation, health insurance, and other benefits). <br />3. Business financial statements. (3 years plus interim) <br />4. Tax returns. (personal and business - 3 years) <br />5. Pro formas to determine if there will be sufficient cash flow to meet obligations for 2 <br />yem- <br />6. Personal financial statements. <br />7. Information regarding collateral and a current credit report . <br />R <br />