Agenda - 09-02-1997 - 9b - Laserfiche WebLink

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• 8 2. Completed applications will be submitted to the Loan Committee no later than two weeks prior to its next scheduled meeting. The Loan Committee will normally meet once monthly. 3. At the monthly meeting, the Loan Committee will decide whether or not to take action on the request, based on the information provided. The applicant will be informed in writing of the Loan Committee's decision. Should the Loan Committee deny the applicant's application, the Loan Committee will not consider any applications from that applicant for at least six months. 4. At its discretion, the Loan Committee may impose any additional terms and conditions necessary to improve the loan or to secure the applicant's loan. 5. Should the applicant feel that his/her application has been improperly denied, then he/she should notify, in writing, the Chair of the Loan Committee of his/her position. Denial of the application shall then be reviewed by the Loan Committee for further consideration. LOAN ANALYSIS The Loan Committee shall review and consider a number of items in determining whether a loan should be made. Those items shall include at least the following: 1. Business plan. 2. Business financial statements. (3 years plus interim) 3. Tax returns. (personal and business - 3 years) 4. Pro formas to determine if there will be sufficient cash flow to meet obligations for 2 years. 5. Personal financial statements. 6. Information regarding collateral and a current credit report. 7. Other available financing including, but not limited to, whether other financial institutions have agreed to consider traditional debt financing and under what circumstances. 8. Should the Loan Committee determine that it needs additional information before granting or denying the application, the Program Administrator will notify the applicant of the information needed. 6