Orange County NC Website
Browse       Search
,a <br /> 15 <br /> weeks prior to its next scheduled meeting. The Loan Committee will normally meet <br /> once monthly. <br /> 3. At the monthly meeting, the Loan Committee will decide whether or not to take action <br /> on the request, based on the information provided. The applicant will be informed <br /> in writing of the Loan Committee's decision. Should the Loan Committee deny the <br /> applicant's application, the Loan Committee will not consider any applications from that <br /> applicant for at least six month. <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. <br /> 5. 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 <br /> of the application shall then be reviewed by the Loan Committee for fiirther <br /> 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. Those items shall include at least the following: <br /> 1. Business plan. <br /> 2. Business financial statements. (3 years plus interim) <br /> 3. Tax returns. (personal and business- 3 years) <br /> 4. Pro formas to determine if there will be sufficient cash flow to meet obligations for 2 <br /> years. <br /> 5. Personal financial statements. <br /> 6. Information regarding collateral and a current credit report. <br /> 7. Other available financing including, but not limited to, whether other financial <br /> institutions have agreed to consider traditional debt financing and under what <br /> circumstances. <br /> 8. Should the Loan Committee determine that it needs additional information before <br /> granting or denying the application, the Program Administrator will notify the applicant <br /> of the information needed. <br /> 6 <br />