Rule 6-1-6.8 - Financial Application Overview The following information must be furnished with a completed Financial Application:
A. Description of the proposed project to include its intended use after completion (i.e. lease, sublease or occupy);.B. Projected budget for rehabilitation or construction and cost estimates to substantiate uses of funds.;C. If borrower is to occupy the property:(i) Copy of lease, if applicable;(ii) Business plan to include projected balance sheets, income statements, and cashflow statements for two (2) years.D. If borrower will be leasing the property: (i) Copy of the lease and any sub-lease(s);(ii) Projected cash flow statements of leased property for the two (2) year period after project completion;(iii) Personal financial statement of lessee/sub-lessee and financial statements of any affiliated businesses of same;.(iv) Business plan of lessee/sub-lessee to include projected balance sheets, income statements and cash flow statements for a two (2) year periodE. Balance sheets and income statements of any affiliated businesses of the borrower (through ownership or management control) for the past two (2) yearsF. Current personal financial statement for each applicant or for corporate borrowers, each principal with 20% or more ownership Upon approval by MDA and CMPDD, a commitment letter will be issued to the applicant. FSLP loan proceeds will be disbursed upon project completion.
Senate Bill 3194, 1999 Regular Session, as amended by Chapter 533 Laws of 2010.