Agenda - 06-21-2011 - 5s - Laserfiche WebLink

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14 3. At the scheduled meeting, the Loan Committee will discuss the strengths and weaknesses of complete loan application(s) and decide whether or not to take action on the request, based on the information provided. The Loan Committee may invite the- applicant(s) to a meeting in order to provide additional information. 4. The applicant will be informed in writing of the Loan Committee's decision to deny, grant, grant with condition, or seek more information. Should the Loan Committee deny the applicant's application, the Loan Committee will not thereafter consider any applications from that applicant for at least six months. 5. At its discretion, the Loan Committee may impose an~ additional terms and conditions necessary to-improve the loan or to secure the loan. The Loan Committee may require an itemized budget detailing the proposed use of loam-~ funds. 6. Should the applicant think that the application has been improperly denied, then the applicant may notify, in writing, the Loan Committee. The notice to the Loan Committee shall state why the applicant thinks the loan should be approved. Denial of the application shall then be given further consideration by the Loan Committee. The Loan Committee's decision on the loan is the final decision. 7. The Loan Committee-shall provide regular reports to the Board of County Commissioners of loans that it has approved. Any event of default or loan loss shall be reported to the Board of County Commissioners in writing and presented to the Board of County- Commissioners at its next regular meeting following the event of default or loan loss. PORTFOLIO MANAGEMENT GUIDELINES 1. Loans to start-up businesses shall not exceed 25% of the loan pool. 2. The total of loan principal past due 30 days or more shall not for any month exceed 10% of outstanding loan commitments. 10