2018-08-27 EDA Packet - Laserfiche WebLink

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necessary to determine the applicant's credit standing. Telephone contact should be made with credit references where appropriate. .C.KedRe ui�rement jj� The small business concern must meet certain practical credit requirements including the following: 1 The applicant must be in good character as determined by the private tender and the Oakdale EDA. 2) There must be evidence that management has the ability to operate the business successfully. 3) The small business concern must have enough capital in the business so that with the assistance through the Oakdale EDA and Seed Fund it will be possible for the business to operate on a sound financial basis. 4) %ile the questions of security and collateral are important in determining whether financial assistance will be extended, they are not the only factors upon which the approval or rejection of an application is determined. The Oakdale EDA attaches great importance to management, the inherent soundness of the small business concern, the small business concern's earnings records and prospects, the small business concern's long-range possibilities for successful operation and whether the granting of financial assistance will increase employment or have other favorable effects on the economy of the City of Oakdale. Financial Statement affigirements The loan officer of the private lender must evaluate the reliability of the financial statement submitted. All statements must be signed and dated by the proprietor, a partner, or unauthorized office of the applicant unless they are accompanied by an independent accountant's report. Statements submitted on a compilation basis must be signed by the small business concern owner or designated officer. BRusirkess Firiianc-id, Statimciats .................. 61