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BK -00028 PG -0176 <br />C. Experience and past performance of company (and/or owners, as appropriate) related to <br />the project; <br />D. A project pro forma with at least three years of cash flow projections; <br />E. A detailed description of the security for the loan, including real or personal property, <br />inventory, accounts receivable, cash or equivalents; <br />F. Proof of maximum available financing from non-RLF sources; <br />G. Any individual or entity owning more than 10% of the applicant company must be willing <br />to sign a personal guaranty. Spousal guaranty will also be required. The potential <br />guarantors must provide a completed financial statement dated within 60 days of the <br />application date and Federal tax returns from the past two years prior to the application <br />date; <br />H. Provide proof of insurance with the RLF as the loss payee for that which is collateral; <br />I. All guarantors must provide a personal financial statement annually; <br />J. Borrower must provide financial statements for the business including a current balance <br />sheet and profit and loss statement; and <br />K. Other factors as the Loan Committee may deem appropriate. <br />Note: Personal financial statements, business plans, forecasts and projections are confidential and <br />will not become part of the public record. <br />Section 6 — Security for Loans: <br />All loans will be secured by a note. Collateral assets may be any additional form of security which <br />can be used to assure the County of a second source of loan repayment. For example, real property, <br />inventory, cash savings or deposits, and equipment are acceptable forms of collateral. If real <br />property is the collateral, a deed of trust on the real property with the County listed as lienholder <br />will be required. The deed of trust shall not be subordinated to any other lien except for the primary <br />loan on the project. In addition, if the loan is for capital equipment, a security agreement and UCC <br />statement shall also be properly filed. If applicable, the County will be furnished with a proper title <br />opinion, as well as ALTA, builder's all risk, flood insurance (if needed) and hazard insurance <br />certificates in favor of the County as lienholder. The applicant shall be responsible for all costs <br />related to these requirements. <br />Section 7 — Maximum Loans: <br />The maximum amount that may be loaned from the RLF program is $150,000. <br />5 <br />