Business Capital Fund Application - Mississippi River Regional Planning Commission

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Date of Submission:

04/16/2024

Business Information

*Business Name:

*NAICS Code:

Unsure? Use the NAICS Code Lookup for help.

*Date Established:

MM/DD/YYYY

*Type of Organization:

Sole Proprietorship

Partnership

Corporation

*Telephone Number:

*Business Address:

*City:

*State:

*ZIP Code:

*County:

*Federal ID Number:

*State ID Number:

Contact Information

*Name:

*Telephone Number:

*Email Address:

*Verify Email:

To help ensure your email address is correct, please enter it a second time.

Business OwnershipPlease include owner(s), officer(s), & shareholder(s) who own 20% or more shares of the company. *

Owner #1:

*Name:

*% Ownership:

*Telephone Number:

Email Address:

*Home Address:

*City:

*State:

*ZIP Code:

- Remove this Owner

+ Add Another Owner

* Personal financial statements and tax returns are required for those with 20% or greater ownership interest.

Bank Information

*Bank Name:

*Contact Person:

*Telephone Number:

Email Address:

*Bank Address:

*City:

*State:

*ZIP Code:

Attorney Information

*Business Name:

*Contact Person:

*Telephone Number:

Email Address:

*Attorney Address:

*City:

*State:

*ZIP Code:

Accountant Information

*Business Name:

*Contact Person:

*Telephone Number:

Email Address:

*Accountant Address:

*City:

*State:

*ZIP Code:

Current and Projected Employment

Loan criteria for this loan require a minimum of one job be created or retained for every $20,000 to $42,000 of RLF financing.

Professional / Manager / Technical Jobs

*Existing: # Full-Time:

*Existing: # Part-Time:

*First Year: # Full-Time:

*First Year: # Part-Time:

*Second Year: # Full-Time:

*Second Year: # Part-Time:

Skilled Jobs

*Existing: # Full-Time:

*Existing: # Part-Time:

*First Year: # Full-Time:

*First Year: # Part-Time:

*Second Year: # Full-Time:

*Second Year: # Part-Time:

Unskilled / Semi-Skilled Jobs

*Existing: # Full-Time:

*Existing: # Part-Time:

*First Year: # Full-Time:

*First Year: # Part-Time:

*Second Year: # Full-Time:

*Second Year: # Part-Time:

Anticipated Sources & Uses of Funds

Loan Criteria

For purpose and protection of the RLF loan portfolio, $2 of private financing to every $1 of RLF financing is required.
Money from this loan fund is always in conjunction with a sponsoring senior lender or other investment capital. To apply for an RLF loan a business must also secure private financing. The sponsoring senior lender will also be invited to appear at the RLF Board meeting to answer questions concerning the loan and the servicing of the RLF loan if it is approved.
Each project will require a minimum of 10% equity.
Real estate, working capital, and equipment all are eligible financing uses. Adequate collateral and security requirements will be sought on all RLF loans. The RLF may take a subordinated position behind a senior lender.

In addition to the MRRPC Loan, Bank Loan, and existing Equity, will you have additional sources of funds you will be using?

*# of Other Sources:

No other sources

1 additional source

2 additional sources

*Source #1 Name:

*Source #2 Name:

Use: Acquire Land

*$ from RLF:

*$ from Bank:

*$ from Equity:

*$ from —:

Use: Acquire Building

*$ from RLF:

*$ from Bank:

*$ from Equity:

*$ from —:

Use: Improve/Renovate Building

*$ from RLF:

*$ from Bank:

*$ from Equity:

*$ from —:

Use: Purchase Equipment/Machinery

*$ from RLF:

*$ from Bank:

*$ from Equity:

*$ from —:

Use: Inventory

*$ from RLF:

*$ from Bank:

*$ from Equity:

*$ from —:

Use: Working Capital

*$ from RLF:

*$ from Bank:

*$ from Equity:

*$ from —:

Use: Other #1

Use Funds For:

$ from RLF:

$ from Bank:

$ from Equity:

$ from —:

Use: Other #2

Use Funds For:

$ from RLF:

$ from Bank:

$ from Equity:

$ from —:

Use: Other #3

Use Funds For:

$ from RLF:

$ from Bank:

$ from Equity:

$ from —:

Project SummaryLoan or Equity Amount

RLF:

Bank:

Equity:

—:

Loan Term (Years)

RLF:

Bank:

Equity:

—:

Loan Interest Rate

RLF:

Bank:

Equity:

—:

Annual Debt Service

RLF:

Bank:

Equity:

—:

Type of Collateral

RLF:

Bank:

Equity:

—:

Security Position

RLF:

Bank:

Equity:

—:

Type of Guarantee

RLF:

Bank:

Equity:

—:

Required Exhibits

The following exhibits must be completed where applicable and included as part of your application. After you submit this first page, you will receive an email with the list of documents needed and a link to attach those exhibits at a later time. You will also be taken to a form to begin uploading any exhibits you may have already prepared.

The Mississippi River Regional Planning Commission reserves the right to request additional information above and beyond this list.

Business Plan (see business plan outline below).
Signed personal financial statements for any person who owns 20% or more interest in the business.
Federal tax returns filed by the business for the previous two years.
Federal tax returns filed by persons who own 20% or more interest in the business.
Copy of business profit and loss statement that is less than 60 days old.
Copy of business balance sheet that is less than 60 days old.
Key person insurance or property insurance, which may be available or has been obtained to secure the loan.
Information concerning any pending or threatened litigation or administrative proceeding, any outstanding administration orders, judgments or injunctions or involvement in any bankruptcy.
Statements and reasons from the lending institution(s) that the RLF loan will not be substituting for commercial lending is required.
Statement concerning the source of equity for the project, and how it will be obtained and appraised.
A job creation commitment letter from the business stating its commitment to create or retain jobs. And a statement from the business that no person will be discriminated against on the basis of race, color, national origin, religion, age, disability, or sex when being considered for employment.
Copy of your last commitment letter from your bank indicating your working capital line of credit.
Commitment letter from your bank regarding any financing the bank will provide for this project.
Any environmental questionnaires, reviews, or audits conducted by the applicant, lending institutions, or their agents shall be provided.
A statement from the business certifying that it will not relocate out of the County it resides in during the term of the RLF loan and that in the event of a relocation outside of the County it will immediately repay the RLF loan.

Business Plan Outline:

Executive Summary should include: Name and location of business; brief discussion of product, market and competition; expertise of management team; summary of financial projections; amount of financial assistance requested and proposed purpose; and business goals and reasons for undertaking the project.
Description of Company: Date and state of incorporation or formation, history of company, background of the principals and their roles.
Market Analysis: Description of current industry and industry trends, description of the total market and its participants, discussion of the target market and the competition.
Description of the Product or Service: List of patents, copyrights, licenses or proprietary interests; discussion of technical and legal considerations; comparisons to competitors’ products or services; description of current and future research and development.
Marketing Strategy: Over strategy; pricing policy and sale terms; method of selling, distributing and servicing; current and estimated sales and market share; advertising, public relations, and promotion.
Management Plan: Form of business organization, composition of board of directors, officers’ organization chart and responsibilities, resumes of key personnel and listing by key advisors.
Operating Plan: Schedule of upcoming work and key completion dates for next two years, planned facilities or capital improvements for next three years, staffing plan.
Financial Data: Funding request indicating the desired financing, capitalization, use of funds, and future financing; year-end financial statements (balance sheet, income statement, and cash flow statement, for the past two years); current interim financial statements; pro forma cash flow projections, including the proposed financing, for two years; projected balance sheets, income statement, and statement of changes in financial position, including the proposed financing, for two years; description of all assumptions behind the financial projections.

Questions

Has the company, any officer, subsidiary, or affiliate of your company been involved in pending or threatened litigation or administrative proceeding, have any outstanding administration orders, judgments or injunctions or involvement in any bankruptcy?

*Answer:

Yes

Details:

You will be asked to provide the details as a separate exhibit.

Have you, your lending institutions, or their agents conducted any environmental questionnaires, reviews, or audits?

*Answer:

Yes

Details:

You will be asked to provide the details as a separate exhibit.

Digital Acceptance & Signature

BY SIGNING BELOW, THE APPLICANT

Certifies that the information supplied in this application and all other supplemental information submitted for review is true, accurate, complete and reflects my intended response.
Certifies that there are no known occurrences or events that could have an adverse material impact on you or your business. Such as but not limited to lawsuits, criminal actions, bankruptcy, violation of laws, lawsuits, criminal or civil actions, bankruptcy proceedings or regulatory intervention.
Certifies that it is in compliance with and current on federal payroll withholding, state payroll withholding, payment of unemployment taxes, federal income taxes, state income taxes and real estate taxes.
Certifies that you (personally) and your business are in compliance with and current under the terms and conditions of any loan, loan guarantee, leases, or financing arrangements with any other creditor.
Certifies that the Business Capital Fund or its agent is authorized to obtain a credit check, insurance information and background checks on my business or any owner with 20% ownership or more and to discuss the business’s condition with its creditors and insurance companies for the purposes of determining credit worthiness for a revolving loan fund loan.
Agrees to reimburse the Business Capital Fund or its agent for any reasonable expenses made in connection with this loan request, including, but not limited to, title work, legal fees, appraisals, recording/filing fees etc.
Agrees to indemnify, defend and hold harmless the Business Capital Fund Lender, its committees, agents, partners, business advisors or other associated parties against claims and damages relating to or arising from this application or any funds provided in connection with this application, and hereby release and waive any liability, costs, or expenses against them.
Agrees that by submitting this application, neither the Business Capital Fund Lender nor any of its partners are under any obligation to approve the loan.
Acknowledge, understand and agree that you have applied for a loan that is required to be paid back with interest to the Business Capital Fund and that will be secured by one or more of the following; a business and/or personal guarantee(s), a security agreement, mortgage, or other security instruments.
Agrees that in the event credit is extended you, you may be required to complete a direct deposit and payment authorization form allowing for the Business Capital Fund to transfer funds into your business’s bank account and for your payments to be electronically debited by automatic clearinghouse (ACH) and deposited into the Business Capital Fund bank account.

*Full Name:

*Title:

The applicant's Full Name above is required before signing.

*Signature:

By checking this box I am digitally signing, agreeing to the statements above.

Signature:

Second Signature?:

Check here if a second person will be signing this application.

*Full Name:

*Title:

The applicant's Full Name above is required before signing.

*Signature:

By checking this box I am digitally signing, agreeing to the statements above.

Signature:

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