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ft i) 1 <br />Li " , <br />y <br />I. Loans shall be made only for land, buildings (and improvements thereto) or capital <br />equipment and related development costs. <br />J. No RLF loan may be made for working capital. <br />K. RLF loans may not be used for refinancing existing debt. <br />L. RLF loans made at below market rates must meet minimum thresholds of 1 job created <br />or retained per $15,000 in RLF funds; however, a minimum of 2 jobs must be created for <br />such a loan if the amount exceeds 30,000. <br />M. The loan must satisfactorily meet the credit underwriting standards described herein. <br />N. The applicant must submit evidence that private sources will commit the funds <br />necessary for the project (private loan(s), equity, etc.) to fund the portion of the project <br />cost not funded by the RLF loan. Letters of commitment are required from each financing <br />source. <br />O. The applicant must furnish a letter of commitment to carry out the project if the RLF <br />loan is made and must enter into a contract with the County obligating to the terms and <br />conditions of the loan. <br />Section 5 — Credit Underwriting Standards <br />No loan shall be made unless the Loan Committee determines that the project and the owner(s) <br />are acceptable credit risks. Customary loan underwriting practices shall be used; however, it is <br />understood that projects applying under this program, by virtue of being appropriate for the RLF <br />program, may not be appropriate for financing to the extent needed by private sources. The <br />following information must be submitted by the applicant and shall be used in determining the <br />soundness of the loan: <br />A. The company and any potential guarantor must provide a credit bureau report dated <br />within 30 days of the application date. <br />B. Market feasibility of the project. <br />C. Experience and past performance of company (and /or owners, as appropriate) related <br />to the project. <br />D. Project Pro -Forma (showing project's private loan and RLF loan debt service as <br />proposed in the application). The pro forma version must be identical to the final version <br />accepted by the lender and any investors for the project. <br />E. Security for the loan. <br />F. Proof of maximum available financing from non -RLF sources. <br />4 <br />