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RLF Application Process & File Maintenance. IARC RLF Conference April 10, 2007 Joe Behrens, Local Assistance Director Region XII Council of Governments. Region XII RLF Basics. 4-Funds, including EDA, RBEG, and IRP (2)-total capital base of $2.34 million

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rlf application process file maintenance

RLF ApplicationProcess & File Maintenance

IARC RLF Conference

April 10, 2007

Joe Behrens, Local Assistance Director

Region XII Council of Governments

region xii rlf basics
Region XII RLF Basics
  • 4-Funds, including EDA, RBEG, and IRP (2)-total capital base of $2.34 million
  • Covers Audubon, Carroll, Crawford, Greene, Guthrie, & Sac Counties
  • Program can fund up to 40% of total project cost, maximum loan of $250,000
  • Target of 1 new job created for every $10,000 loaned
rlf program outreach
RLF Program Outreach
  • County-wide and local economic development groups (primary)
  • Banks
  • City & County Governments
  • SBDC’s and Business Incubators
preliminary project review informal
Preliminary Project Review (informal)
  • Initial contact with business (direct or through development official or lender)
  • Discussion on project details, including budget & financing needs
  • Preliminary review of project for RLF program goals
  • Comments to business
preliminary project review informal6
Total Project Cost

RLF Request Amount (not to exceed 40% of TPC)

Private lender financing (min. 50% of TPC)

Applicant cash/equity in (min. 10% of TPC)

Job Creation (1 job for $10K loan request)

Type of project (competition issues)

Preliminary Project Review (informal)
formal application process
Formal Application Process
  • Applications due to Region XII by 25th of the month
  • Applications must include all information on application checklist and 1.5% application fee
  • Applications must be sponsored by economic development group
  • Reviewed by Loan Review Committee 2nd Wednesday of following month
region xii loan review committee
Region XII Loan Review Committee
  • 1-County economic development official from each county (6)
  • 1-Lender representative from each county (6)
  • 1-Attorney advisor (ex-officio)
  • Executive Director & Fiscal Officer of Region XII (ex-officio)
  • Total of 15 Members
formal application process9
Formal Application Process
  • Application packets mailed out to loan review committee members
  • Applicants invited to attend Loan Review Committee meeting with lender and/or development official
  • Applicants give presentation, answer questions from committee members
formal application process11
Formal Application Process
  • Loan review committee discusses project, makes formal recommendation to Region XII Executive Board
  • Recommendation will include which fund loan will be made from (EDA, RBEG, IRP, or IRP2), interest rate, terms, collateral, etc.
  • Recommendation is presented to Executive Board
formal application process12
Formal Application Process
  • Executive Board makes final decision on application
  • If loan is approved, offer is sent to applicant including terms of loan
  • Offer must be signed by applicant and returned
  • Loan closing process begins
loan closing process
Loan Closing Process
  • USDA Approval process, including environmental review (if initial IRP funding)
  • Loan Security Documentation (loan agreement, promissory note, mortgage, UCC, etc.)
  • Loan disbursement (can be total loan amount or smaller disbursements)
  • Payment schedule
loan files
Loan Files
  • Loan Application File (includes application materials, employment data, insurance info, financials, etc.)
loan files15
Loan Files
  • Loan Security File (includes original signed and filed loan documents)
internal file maintenance
Internal File Maintenance
  • Loan entered into LoanLedger software
  • ACH payments set up with bank
  • Recording of necessary loan documents (mortgage, UCC, auto lien, etc.)
  • Contact with insurance company to get loss payee information added
  • Establishment of contact to obtain job creation and financial information
annual requirements
Annual Requirements
  • Job creation (annual certification)
  • Financials (end of year tax returns and/or audited financials & balance sheets)
  • Site Visits
  • Insurance Certificates
questions
Questions?

Contact:

Joe Behrens, Local Assistance Director

Region XII Council of Governments

(712) 792-9914

[email protected]

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