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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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Balance sheets, profit and loss statements and statement of <br /> change in financial position are normally required for the <br /> preceding two full years. In addition, an interim statement <br /> for the current period is required when the application is <br /> received more than ninety(90) days after the end of the last <br /> fiscal year. An aging of accounts receivable and payables <br /> should accompany the interim balance sheet. <br /> Analysis of <br /> Loan Applications Additional Data <br /> Additional financial data or written explanation may be <br /> required where necessary for an adequate analysis. This is <br /> especially true for new businesses or for existing businesses <br /> planning major changes in their operations. Both cases <br /> should require earnings projections. Cash flows or other <br /> types of data may be required where deemed necessary and <br /> appropriate. <br /> Personal Financial Statements <br /> Personal financial statements are required for proprietors, <br /> general partners each owner of 20%or more of the business <br /> including limited partners and guarantors. All statements <br /> must be signed and dated. <br /> Wrocessin ":1`iin.i�e <br /> All loans are to be processed within thirty (30) working <br /> days. The processing cycle will begin with the day the <br /> application is received as indicated by a date stamp and <br /> ends when the loan authorization is issued. Time awaiting <br /> the receipt of additional information will be excluded from <br /> the processing time. If major delays are anticipated in <br /> receiving additional information to complete the package, <br /> the application will be returned to the small business <br /> concern within three(3) working days. <br /> Loan Servicing There are two options for loan servicing. The EDA may <br /> elect to have loans serviced by lenders participating in the <br /> financing for any project or service the loan internally. The <br /> EDA may require the servicer to obtain and review the <br /> financial statements of the small business concern annually; <br /> review the small business concern's payment of taxes and <br /> insurance, review the uniform commercial code filings on <br /> 62 <br />
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