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24 <br />Once a pavment is 60 days overdue, a plan to collect the outstanding balances <br />will be developed in conjunction with Orange County's legal department <br />Individual Collection Plans will be tailored to -the outstanding account but maw <br />include one or more of the following activities• <br />When a borrower is 60 da~past due a reminder letter is sent advisuzg of <br />the outstanding loan and of the late pavment charged as detailed in the <br />'Loan Repayment' section above; <br />A collection letter is sent when the account is 90 days past due and mad, <br />contain additional penalties; <br />Accounts that are 120 da~past due may be turned over to a professional <br />collection agency. <br />LOAN ANALYSIS <br />The Loan Committee shall review and consider a number of items in <br />determining whether a loan should be made: Those items shall include at least <br />the following: <br />1. Business plan. <br />I 2. Current and projected £employment (including ~ _~;e-future <br />need for employees; skill levels and education required; employee <br />compensation, health insurance, and other benefits). <br />I 3. Business financial statements. (Past two ~-years plus interim) <br />I 4. Tax returns. (Past two ,ears -personal and business--~~e~r-~) <br />5. Pro formas financial statement projections- that m-av include <br />monthly cash flow, profit and loss and additional stat-ernents <br />as required by the Loan Committee) to determine i€-that there will <br />be sufficient cash flow to meet obligations for 2 years. <br />6. Personal financial statements. <br />I 7. Information regarding collateral and a current personal credit report. <br />8. Other available financing including, but not limited to, whether other <br />9 <br />