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Loan Program Instructions
- Loan Recipient: Loans will be made to individuals who are at least 51% owners of the business. Only one loan per individual.
- Use of Proceeds: A borrower will be required to sign an agreement that proceeds of the loan will be used only for purposes of maintaining or restarting the business in the designated area. Use of proceeds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis.
- Dedicated Sources of Repayment: A borrower will be required to certify that the proceeds of insurance claims, other loans applied for or to be applied for, or other financial assistance will be used to repay the loan.
- Closing Documents: Closing documents, prepared by the Program Administrator and provided to the applicant at closing, will include:
- Promissory Note.
- Business Purpose Statement.
- Loan Settlement Statement.
- Assignment of Proceeds from other Sources.
- Closing Checklist.
- Payment Coupon.
Loan proceeds will be delivered to the loan recipient at the loan closing.