Rlf application process file maintenance l.jpg
This presentation is the property of its rightful owner.
Sponsored Links
1 / 19

RLF Application Process & File Maintenance PowerPoint PPT Presentation

  • Uploaded on
  • Presentation posted in: General

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

Download Presentation

RLF Application Process & File Maintenance

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript

Rlf application process file maintenance l.jpg

RLF ApplicationProcess & File Maintenance

IARC RLF Conference

April 10, 2007

Joe Behrens, Local Assistance Director

Region XII Council of Governments

Region xii rlf basics l.jpg

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 l.jpg

RLF Program Outreach

  • County-wide and local economic development groups (primary)

  • Banks

  • City & County Governments

  • SBDC’s and Business Incubators

Rlf program outreach4 l.jpg

RLF Program Outreach

Preliminary project review informal l.jpg

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 l.jpg

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 l.jpg

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 l.jpg

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 l.jpg

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 process10 l.jpg

Formal Application Process

Formal application process11 l.jpg

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 l.jpg

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 l.jpg

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 l.jpg

Loan Files

  • Loan Application File (includes application materials, employment data, insurance info, financials, etc.)

Loan files15 l.jpg

Loan Files

  • Loan Security File (includes original signed and filed loan documents)

Internal file maintenance l.jpg

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 l.jpg

Annual Requirements

  • Job creation (annual certification)

  • Financials (end of year tax returns and/or audited financials & balance sheets)

  • Site Visits

  • Insurance Certificates

Job creation documentation l.jpg

Job Creation Documentation

Questions l.jpg



Joe Behrens, Local Assistance Director

Region XII Council of Governments

(712) 792-9914

[email protected]

  • Login