Agenda - 3-2-15 Reg. Meeting - Laserfiche WebLink

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02 1 ) Section 3 — Review of Loan Application All loans are subject to review and an affirmative recommendation of the Loan Committee and review and approval by the Board of Commissioners. The minimum standards of eligibility are listed in Section 4 below. The meeting of these standards will enable the business to apply, but in no way, does this guarantee a loan from the program. The Loan Committee and the Board of Commissioners reserve the right to reject any loan for any reason, regardless of meeting any or all criteria listed herein. Section 4 — Eliaibility Requirements The minimum requirements to be an eligible applicant are as follows: A. The project must be located within the boundaries of Lee County. B. The project must be a private development project creating permanent full time jobs. Temporary jobs (e.g. construction) will not be considered. D. Jobs retention projects will only be considered if the applicant clearly demonstrates that jobs will be lost without participation in the RLF Program, and the applicant has determined a set schedule for layoffs. E. Applicant must clearly demonstrate that the project cannot be undertaken within the RLF eligible area without RLF program participation. (i.e., "but for" participation by the RLF program this project cannot take place in the RLF area.) Demonstration of need may include: (1) Project pro -forma showing that the project will not have sufficient income to pay total debt service projected at current market rates. (2) Applicant can document that maximum available private lending combined with available equity financing are not sufficient for project. The amount of RLF loan shall amount for no more than what is unavailable from other lending sources at rates which can economically accommodate the needs of the project, together with a minimum of 10% owner equity. (Owner equity, for the purpose of the RLF, does not include working capital or existing investment except vacant land or vacant buildings to be used for the project.) (3) Applicant can demonstrate that without RLF participation, project will not be located in Lee County. F. Loans for more than 50% of total project costs will not be made. G. The project must be in conformance with local, state and federal laws. The applicant should be able to demonstrate that all required permits can be obtained (e.g. compliance with zoning ordinance and building codes). H. The applicant must be a corporation, partnership, or sole proprietorship in good standing and eligible to do business in North Carolina.