Regional Economic Development Revolving Loan Program

Loan criteria:

• Eligible business borrowers include those firms having fewer than 50   employees.

• Loans may not exceed $40,000, with a stated preference for loans of
   $25,000 or less.

• Loans may not exceed 1/3 of the new funds being provided to any
   borrower.

• Loans from the Regional Economic Development Loan Program may be    subordinated to financing from other lenders.

• Funds are to be used to make loans that create or retain quality jobs.

Loan Application

MCBDP Loan Program Checklist

The following basic information will be required in order for the MCBDP to accept a financing request:

  Business Plan. Should include the following information:
        • Description and history of business.
        • Market analysis and plan.
        • Analysis of competitors.
        • Production, operations and staffing requirements.
        • Management skills and experience.
        • Financial forecasts (projected income statement,
           balance sheet, cash flow statement, include all assumptions.

 Description of Project. Describe uses of funds and other potential sources.

  Historical Financial. Three years for an existing firm. Interim financials current        within 90 days of filing the application are also required.

Personal Financial Statement and Tax Return. Include spouse if assets are       jointly owned. Should include all contingent liabilities and any interests in other       ventures or companies.

 Cash Flow Projection. For one year or until company reaches break-even,       whichever is longer (include assumptions regarding levels of accounts       receivable, inventory and accounts payable).

 Debt Schedule. Include creditor, original date, amount, interest rate, monthly       payment, balance owed, collateral, loan status.

 Collateral. List type and value of collateral available. An appraisal may be       required.