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1 Estimated Average Processing Time for Business Loan Approvals in Working Days by Phase

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The system described above was implemented on April 7, 1971. To date not enough loans have been processed through the system to establish an historical average processing time. Times given above are therefore estimates of how the system is designed to perform.

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Estimated Average Processing Time for Business Loan Approvals in Working Days by Phase

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Total equals application processing phases #3 and #4.

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as

A. EDA business loan applicants are A. The items listed in column #1 have

requested to provide documentary been administratively designed to evidence on the following items.

fulfill the following requirements of the Public Works and Economic Development Act of 1965, amended, the Civil Rights Act of 1964 and the National Environ

mental Policy Act of 1969 1. Project Site

1. Project Site a. Map of area with site marked

a through f relates to (project cost) b. Plat of site showing bounds and EDA's maximum loan participatopography

tion, reasonable assurance of rec. Legal description

payment, and area eligibility d. If already acquired, cost and ap

(project location).
praised value
e. If to be acquired, cost and copies

of options
f. Utilities, sewage, rail and road

service to site 2. Project Buildings

2. Project Buildings a. Type of construction and square a through f relate to (project cost) footage

EDA's maximum loan participab. Preliminary or final (if com

tion, reasonable assurance of repleted) plans and specifica

payment, and compliance with tions

Davis-Bacon wage requirements.

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c. Copies of bids; or cost estimates

by engineer, architect, or con

tractor d. Evidence that cost estimates in

clude effect of Davis-Bacon

Act e. Architectural and engineering

fees
f. Schedule of construction
3. Project Machinery and Equipment 3. Project Machinery and Equipment
a. Listed showing maker, model, a through g relate to (project cost)

capacity rating, cost, esti- EDA's maximum loan participa-
mated useful life, new or used

tion, reasonable assurance of reb. Extent of manufacturer's or

payment, and compliance with supplier's warranties

Davis-Bacon wage requirements, c. Copies of cost quotations

and permanency of new employd. Evidence that cost estimates in

ment. clude effect of Davis-Bacon

Act of installation cost e. Plant layout and work flow f. Schedule of acquisition and in

stallation g. Demonstration of adequacy of

plant to produce the projected

quantity and quality of goods 4. Other Project Costs

4. Other Project Costs
a. Listed showing nature, cost a through b relates to (project cost)

(fees, contingencies, interest EDA's maximum loan participa-
on construction fiancing, etc.)

tion. b. Copies of cost quotations, if

possible
5. Applicant's Organization and Man- 5. Applicant's Organization and Man-
agement

agement
a. Nature of business organiza- a through d relates to reasonable

tion, and copy of partnership assurance of repayment, and per

agreement or corporate charter manency of new employment. b. Current (not over 90 days old)

personal financial statements
of owner, partners, or princi-
pals in a controlled-corpora-

tion applicant
c. Administrative and operational

management personnel, with
resumes of qualifications and

experience
d. Statements of Personal History

for owners, officers, stockhold-
ers (as required) (ED-201,

Supp. 1)
6. Applicant's Parent, Subsidiaries, 6. Applicant's Parent, Subsidiaries
and/or Affiliated Enterprises

and/or Affiliated Enterprises a. Listed showing name, address, a through c relates to reasonable nature of business and nature

assurance of repayment. and extent of affiliation b. Audited financial statements of

each for three most recent fis

cal years
c. Most recent (not over 90 days

days old) interim financial
statements of each, certified by

company officer
7. Any receivership. bankruptcy, etc. of 7. Any receivership, etc. relates to rea-

applicant and any affiliated enter- sonable assurance of repayment prise or principal

and permanency of new employ. ment.

8. Applicant's Financial History and 8. Applicant's Financial History and Projections

Projections a. Audited financial statements in- a through e relate to reasonable as

cluding balance sheets, income surance of repayment and perstatements and necessary sup

manency of new employment. porting schedules for three

most recent fiscal years
b. Most recent (not over 90 days

old) interim financial state-
ments as above, certified by

applicant
c. Pro forma income statements

and cash flow projections (by
quarters from date of most
recent interim or audited
statements submitted with ap-
plication through date of proj-
ect

completion, then by
months for the first twelve
months or project operation,
and by years thereafter)
showing working capital cash
demand, and demonstrating
ability to service all debt prin-
cipal payments by ample mar-
gin from net after-tax income

rather than from cash flow
d. Pro forma opening balance sheet

at date of project completion
and annual pro forma balance
sheets for each year covered
by income and cash flow pro-

jections.
e Statement of the sources of, and

written commitments to pro-
vide, the working capital
needs demonstrated by cash

flow projections 9. Project Financing

9. Project Financing a. Evidence that other financing is

a through h relates to EDA's asnot available on terms and

sistance only where funds are not conditions which would per

otherwise available and to 5% mit completion of the project

loan participation by State or in an eligible, EDA-designated

public or quasipublic organiza

tions.
area
b. Copies of letters from at least

two lending institutions de-
clining to finance the project
and to participate in EDA's

share of financing
c. Evidence that other Federal fi-

nancial assistance is not avail

able to the project
d. Written commitment of partici-

pating lending institutions
stating amount, interest rate,
repayment term, collateral

and lien position required
e. Written commitment to provide

equity funds stating both
source of funds and nature
and extent of ownership in ap-
plicant to be acquired for
such funds

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