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Agenda - 06-21-2011 - 5s
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Agenda - 06-21-2011 - 5s
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6/20/2011 12:58:39 PM
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6/20/2011 12:58:35 PM
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BOCC
Date
6/21/2011
Meeting Type
Regular Meeting
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Agenda
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5s
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Minutes 06-21-2011
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\Board of County Commissioners\Minutes - Approved\2010's\2011
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25 <br />financial institutions have agreed to consider traditional .debt financing <br />and under what circumstances. <br />9. Any other information that the Loan Committee determines that it needs. <br />SUGGESTED LOAN GUIDELINES <br />1. Creditworthiness -Although applicants will be considered with credit <br />ratings showing a history of accounts up to 30 days past due, preference <br />will be given to borrowers with good credit ratings. Applicants with <br />bankruptcy or prior to repossessions listed on their credit report will, in <br />most cases, be considered too great a credit risk for this program. <br />2. Cash Flow Coverage-The loan program is targeted to applicants with cash <br />flow coverage, prior to-loan program debt, of not less than 1.1 to 1 to <br />current maturities of long-term debt. Cash Flow is further defined as net <br />income plus depreciation. <br />3. Debt to Net Worth- The loan program is targeted to applicants whose total <br />I .debt does not exceed net worth by ~-4 to 1. <br />4. Collateral -Loans shall be secured by appropriate forms of collateral, with <br />recorded first lien positions as appropriate. Acceptable forms of <br />collateral will be based on commonly accepted definitions (fixed assets, <br />inventory, accounts receivable, land; building, equipment, or personal <br />assets). <br />e4-Eella#era~~~~ts~~8°~-ate~~eeer~l~~~~-,~-'~~rted to <br />a~ee~t~-r~erT'~lesart ~C~~ys gage}-~p~~~ed~eal es#-a~te- <br />r °®-ee~me~c-ia~eal es~tc „ P ,. ,,, ~ ,~ ,~, -~n°~ <br />v r 'i «.r vc~.uYi~ , <br />1~,,~~,s_~elated real es~ate~a~nm-~~~~e~~v eq~~e~--wed <br />° <br />PROCEDURES <br />1. Applicants will be referred to the Orange County Economic Development <br />department (DepartmentL Department staff <br />will meet with applicants and process applications. Applicants maybe <br />referred to the SBTDC for consultation. <br />10 <br />
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