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2018-08-27 EDA Packet
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2018-08-27 EDA Packet
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8/27/2018 9:38:52 AM
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system must contain information and documents related to each <br /> to made through the Seed Fund as follows: <br /> 1) Loan application including all exhibits; <br /> 2) Loan authorization and all correspondence related to the <br /> loan prior to closing; <br /> 3) Loan closing documents including all documents relating to <br /> participation with the private lender; <br /> 4) Evidence of a 10% equity injection by the small business <br /> concern; <br /> 5) Amortization schedule; <br /> 6) Financial statements of the small business concern; <br /> 7) Related correspondence; <br /> 8) Evidence of field visits; <br /> 9) Condition of collateral; <br /> 10) Tickler file for insurance and UCC; <br /> 11) Evidence that taxes and insurance have been paid; <br /> 12) All other items relating to the loan. <br /> Restrictions C.o.nRicts <br /> ..................................... ............................................... <br /> 1 ® by the EDA, its Board of Directors, employees or any <br /> other related parties to the prejudice of the small business concern, <br /> or the EDA is prohibited. The EDA shall not permit a significant <br /> relationship to exist ort be created between the EDA and a small <br /> business concern to be assisted while assistance through the Seed <br /> Fund is outstanding. <br /> Servicing Capability In most cases,the EDA will service the loan. The EDA may <br /> require that the private lender to service the loan. In this instance, <br /> a servicing agreement will be completed between the private <br /> lender and the EDA. Costs of servicing will be paid for by the <br /> applicant. <br /> 59 <br />
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