4.1. JFC 06-25-2019
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
Request for Action
To
Joint Finance Committee
Item Number
4.1
Agenda Section
General Business
Meeting Date
June 25, 2019
Prepared by
Amanda Othoudt, EDD
Item Description
Microloan Underwriting Practices
Reviewed by
Cal Portner, City Administrator
Reviewed by
Action Requested
Information presented for discussion.
Background/Discussion
In May, staff attended the California Association for Micro Enterprise Opportunity (CAMEO)
Microloan Essentials class. This was a two-day class focusing on underwriting practices and procedures
for microloans in the public and non-profit sector. We focused on real case study’s involving small to
medium sized businesses.
There were several helpful tools and resources for underwriting loans, and accessing lender risk by
implementing a standardized underwriting grid. In an effort to strengthen our microloan program, staff
would like to present the key take-a-ways from the course.
Financial Impact
N/A
Attachments
PowerPoint Presentation
Economic Development Business Microloan Fund Program
Economic Development Jobs Incentive Microloan Program
CAMEO Microlending Steps
CAMEO Sample Credit Memo
CAMEO Sample Required Document List
CAMEO Sample Underwriting Grid
CAMEO Sample Microloan Application Questions
CAMEO Elements of a Loan Program
City Council Joint Finance
Committee Meeting
City Council
Microloan Essentials
Two day class hosted by Southwest Initiative
Foundation and Great River Energy
Goal of the class is to help business owners access
capital while lowering the city’s lending risk by
establishing an underwriting criteria.
City Council
Training Outcomes
Understand the five C’s of credit
Cash Capacity, Credit Capacity, Character, Capital,
Collateral
Know important micro-lending underwriting analyses
Understand elements of underwriting criteria
Ability to complete a Credit Memo
Evaluate your city’s loan underwriting process
Leave with ideas to strengthen your program
City Council
Current Underwriting
Process:
Staff Responsibilities
Reviews each application for completeness
Collects $2,000 processing fee
Review jobs/wage goals
Project design, conforms to city policies and
ordinances, building and zoning codes.
Reviews availability and applicability of other
governmental grants or microloan programs
Determine financial feasibility of the project
no real underwriting criteria
Completes microloan application scoring
worksheet
City Council
Current Underwriting
Process – Continued
Joint Finance Committee Responsibilities:
Project design and conformance to city policies and
objectives of the Microloan program
Reviews Microloan Application Scoring Worksheet
Financial feasibility
Reviews Tax Returns, Projections, P&L, Balance
Sheets at the Joint Finance Committee meeting.
City Council
Recommended Actions
Review and discuss sample documents provided by
CAMEO
Discuss and develop an standard underwriting grid
utilizing the five C’s of credit
Create a required document list that parallels
underwriting grid.
Create an easy-to-read credit memo template
Discuss and develop loan servicing procedures
Powered by Nature
Economic Development
Business Microloan Fund
Guidelines, Policy & Application
Amended: May 2011
November 2013
July 2014
November 2014
December 2016
April 2017
August 2017
City of Elk River
Economic Development Division
13065 Orono Parkway
Elk River, MN 55330
763.635.1040
Page 2 of 21 EDA & City Council Approved August 21, 2017
ELK RIVER ECONOMIC DEVELOPMENT
BUSINESS MICROLOAN FUND GUIDELINES, POLICY &
APPLICATION
1. POLICY PURPOSE
The Economic Development Authority for the city of Elk River (EDA) recognizes
the need to stimulate private sector investment into manufacturing and certain
commercial facilities and equipment in order to create new jobs, boost productivity
and retain existing jobs for local residents. Additionally, the need exists to encourage
investment in the expansion and/or rehabilitation of commercial and retail buildings
in order to maintain the economic viability of the city and in the Downtown District.
Subsequently, the purpose of this microloan program is to provide low interest, long-
term (i.e. greater than one year) loans as incentives for new industrial and
commercial development within the city of Elk River and to encourage commercial
and retail business owners in the Downtown District to rehabilitate their existing
buildings.
2. ELIGIBLE BUSINESSES
Any project located or proposed to be located within the city limits of Elk River as
defined by this microloan program, may be eligible for a Microloan as further
defined herein:
• Unless otherwise stated, business must be a for-profit corporation,
partnership, or sole proprietorship.
• Business must be a small business as defined by the Small Business
Administration (SBA).
• Religious, political, and pornographic enterprises are not eligible.
3. MICROLOAN FUND TERMS & CONDITIONS
Loan Structure
All Economic Development Microloans shall be structured as direct loans unless
otherwise approved by the EDA Finance Committee. If a participation loan is
requested, an agreement will be signed by the borrower, primary lender and the
EDA.
The EDA may require additional agreements to be signed by the borrower
(i.e. security agreement, personal guarantees, business subsidy agreement).
Simultaneous Microloans
The simultaneous use of different EDA microloan programs by any one borrower or
for any one project is prohibited.
Loan Repayment
Jobs Incentive funds, including principal and interest received may not be used to
support restaurant, retail, casinos, or sports facilities.
Page 3 of 21 EDA & City Council Approved August 21, 2017
Call of Loan
A loan shall become due and payable in full if a business relocates outside of the city
of Elk River prior to the maturity date of the loan.
Late Payment Charge
A late payment charge of 8% of the installment amount will be enforced following a
grace period of 10 calendar days.
4. REGULATION FOR NEW CONSTRUCTION AND IMPROVEMENTS
All buildings which public funds will be used for construction or renovation are to
be brought into conformance with city ordinances and state building codes.
5. LOAN SECURITY AND GUARANTEES
Applicant must be able to secure the loan by providing the EDA with a minimum of
a subordinate mortgage upon the building and/or assets or other approved collateral
equal to the amount of the loan.
Applicant must demonstrate the financial means to repay the loans, as determined by
the EDA.
Whenever possible, personal, corporate, and/or entity guarantees will be made part
of any loan agreement.
Key person life insurance may be required as determined by the EDA Finance
Committee based on loan amount and company ownership partners.
6. TIMING OF PROJECT EXPENSES
No project should commence until the EDA has approved the loan application.
Any costs incurred prior to the approval of the loan application are not eligible
expenditures.
No building construction should commence until the required city permits are
secured.
The applicant will be responsible for all legal, recording, and other fees required for
protection of a security interest in the loan, payable by a $2,000 processing fee, which
is paid at the time of application. In addition to the processing fee, all legal and filing
fees shall be paid by the borrower at loan closing.
Closing of the Microloan should be simultaneous with the borrower’s primary
funding. The EDA should be given two weeks’ notice before closing.
7. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL
Page 4 of 21 EDA & City Council Approved August 21, 2017
1. All applicants shall first contact a primary lending institution to determine if
additional equity is needed, and if so, how much (if applicable).
2. The applicant shall then meet with city staff to obtain information about the
microloan program, discuss the project, and obtain application forms.
3. The applicant shall complete and submit an application form to the city, along
with a $2,000 processing fee. The fee is used to cover processing expenses and
any remaining funds will be returned to the applicant. The applicant must
provide evidence of their ability to meet the 10% equity requirements or provide
a letter of commitment for conventional financing from the primary lending
institution.
4. The EDA is a governmental entity and as such must provide public access to
public data it receives. Data deemed by Applicant to be nonpublic data under
State law should be so designated or marked by Applicant. See Minn. Sat.
Sections 13.59, Subd. 1, respectively.
5. The application will be reviewed by the city staff to determine if it conforms to
all city policies and ordinances and to consider the following:
a. The availability and applicability of other governmental grants and/or
microloan programs.
b. Whether the proposed project will result in conformance with building
and zoning codes.
c. Whether it is desirous and in the best interests of the public to provide
funding for the project.
6. The EDA Finance Committee and EDA Commissioners will review each
application in terms of its consistency with the goals of the city’s Comprehensive
Plan and Economic Development Strategic Plan and in relation to the project’s
overall impact on the community’s economy. Downtown Revitalization Loan
applications will also be reviewed by a Housing & Redevelopment Authority
Commissioner in conjunction with the EDA Finance Committee. Energy
Efficiency Improvement Loan applications will also be reviewed by an Energy
City Commissioner in conjunction with the EDA Finance Committee.
The EDA Finance Committee will evaluate the project application in terms of
the following:
a. Project Design - Evaluation of project design will include review of
proposed activities, time lines and a capacity to implement the project.
b. Financial Feasibility - Availability of funds, private involvement, financial
packaging and cost effectiveness.
• Appropriate ratio of private funds to Microloan funds.
• Sufficient cash flow to cover proposed debt service as demonstrated
Page 5 of 21 EDA & City Council Approved August 21, 2017
by financial statements and projections.
• Letter of Commitment from applicant pledging to complete the
project during proposed project duration, if the loan application is
approved.
• Letter of Commitment from other financing sources stating terms
and conditions of their participation in the project if applicable.
• Sufficient collateral.
c. All other information as required in the application and/or additional
information as may be requested by the Economic Development staff.
d. Project compliance with all city codes and policies.
e. Microloan Objectives - In addition to quality job and wage
creation/retention requirements, the applicant must meet all Microloan
Fund criteria and demonstrate how the proposed activities will meet at
least one of the following objectives:
• The project contributes to the fulfillment of the city’s approved and
adopted economic development and/or redevelopment plans.
• The project prevents or eliminates slums and blight.
• The project increases the local tax base.
• The project brings a structure into compliance with an existing
building code violation.
7. A written request for an extension shall be accompanied by a copy of current
financial statements and a $500 upfront processing fee. The processing fee is
used to cover processing expenses. The application for an extension beyond the
original term should include a letter of denial from a conventional lender.
8. The EDA Finance Committee will recommend the approval, denial, or request a
resubmission. A recommendation from the Finance Committee will be
forwarded to the EDA for recommendation of approval, denial to the City
Council for final action.
8. MICROLOAN POLICY REVIEW
The above criteria will be reviewed on an annual basis to ensure that the policies
reflected in this document are consistent with the economic development goals set
forth by the city.
9. RIGHT OF REFUSAL
The EDA may deny any application if it is found not consistent with the goals of the
city’s Comprehensive Plan and Economic Development Strategic Plan and in
relation to the project’s overall impact on the community’s economy.
Page 6 of 21 EDA & City Council Approved August 21, 2017
10. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW
All developers/businesses receiving financial assistance from the City of Elk River
shall be subject to the provisions and requirements set forth by the City’s Business
Subsidy Policy as amended and Minnesota Statutes Sections 116J.993 to 116J.995
(the “Minnesota Business Subsidy Law”) if applicable.
11. Agreement to Pay Costs of Review
It is the policy of the city of Elk River to require applicants to pay costs incurred by
the city in reviewing and acting upon applications, so that these costs are not borne
by the taxpayers of the city. These costs include all of the city’s out-of-pocket costs
for expenses, including the city’s costs for review of the application by the city’s
Financial Consultant and City Attorney, or other consultants, recording fees, and
necessary publication costs.
The application processing fees cover anticipated costs; costs incurred above the
application fee will be invoiced as they are incurred, and payment will be due within
thirty (30) days. Any unused portion of the application fee will be returned to the
applicant. If payment is not received as required by this agreement, the city may
suspend the application review process and may deny the application for failure to
comply with the requirements for processing the application. Payment for costs will
be required whether the application is granted or denied.
12. Microloan Programs
In order to meet the economic and community development objectives of the EDA,
five distinct microloan programs exist within the Business Microloan Fund.
Industrial Incentive Loan
Purpose: The purpose of the Industrial Incentive Loan is to encourage
industrial and high technology business development that supports
the tax base and brings quality jobs to the city.
Amount: Up to $200,000 of secondary financing not to exceed 20% of the
total project cost.
Remaining
Principal: Must have private-sector commitments for 50% of the project cost.
Borrower must provide 10% or more of project financing.
Rate: Fixed at 3%
Term: Loans must mature within 5 years, but must be amortized over a
longer period of time. The balloon payment must not be longer than
the balloon payment of the participating bank if applicable. Loans
may be amortized up to the following limits:
20 years on real estate uses;
Page 7 of 21 EDA & City Council Approved August 21, 2017
10 years on equipment uses.
Extension: In the event that the Borrower is unable to payoff the loan or
refinance the Microloan at the end of five years, the loan may be
extended up to two additional years at 3% interest.
Criteria: Borrower must be an industrial or high technology business and create
or retain one new full-time job for each $20,000 loaned within 2 years.
Said jobs must pay a minimum wage of $15.00 per hour excluding
benefits required by law. Loans of $75,000 or more shall meet the city
of Elk River Business Subsidy Policy for the creation of new jobs at a
minimum wage of $15.00 per hour excluding benefits required by law,
as well as a 5-year location requirement.
In the case where multiple sources of public financing are requested
(e.g. Microloan and Tax Increment Financing) job creation goals shall
not be double-counted.
Borrower must comply with the provisions of the city’s Industrial and
Business Park zoning ordinances as applicable.
Permitted Fund Uses:
a. Building construction
b. Land acquisition
c. Machinery
d. Furniture, fixtures, and equipment (FF&E)
e. Renovation and modernization of buildings
f. Public infrastructure needed for economic development expansions
g. Investment real estate with a minimum of 50% of the space pre-leased
Ineligible Fund Uses:
a. Expenditures for the construction and/or renovation of residential units
b. Inventory
c. Refinancing of existing debt
d. Working capital
Downtown Revitalization Financing Loan
Purpose: The Downtown Revitalization Financing Loan is available to business
and property owners in the Downtown Area primarily for the
rehabilitation and restoration of older buildings, as well as new business
development. Non-profit organizations may be considered. The
Downtown Area shall be described as that area in the attached in
Exhibit A.
Amount: Up to $74,999 of secondary financing not to exceed 20% of the total
Page 8 of 21 EDA & City Council Approved August 21, 2017
project cost.
Remaining
Principle: Must have private-sector commitments for 50% of the project cost.
Borrower must provide 10% or more of project cost.
Rate: Fixed at 3%.
Term: Financing with a balloon payment in up to 5-years. Loans may be
amortized up to the following limits:
20 years on real estate uses;
10 years on equipment uses.
Extension: In the event that the Borrower is unable to payoff the loan or
refinance the Microloan at the end of five years, the loan may be
extended up to two additional years at 3% interest.
Criteria: At a minimum, 20% of Microloan dollars must be used for the
improvement of the building façade, with exceptions to be considered
when it appears the façade improvements are not necessary. Financing
of leasehold improvements will be considered at a limit of $25,000.
Permitted Fund Uses:
a. Building construction
b. Renovation and modernization of buildings
c. Furniture, fixtures, and equipment (FF&E)
d. Exterior renovation of retail or commercial buildings
e. Financing of leasehold improvements including façade improvements
will be considered at a limit of $25,000
f. Expenditures for the construction and/or renovation of residential
units
Ineligible Fund Uses:
a. Inventory
b. Refinancing of existing debt
c. Working capital
Energy Efficiency Improvement Loan
Purpose: The Energy Efficiency Improvements Loan is available to property
owners of commercial or industrial buildings in Elk River to provide
low interest loans to businesses to invest in energy efficiency and
improve their profitability through reduced energy costs. In addition,
the microloan program helps the city of Elk River use energy
conservation as an economic development tool. Non-profit
organizations may be considered.
Amount: Applicants may apply for the cost of improvements up to $74,999
Page 9 of 21 EDA & City Council Approved August 21, 2017
Equity: Must have a minimum of 10% equity provided by the borrower.
Rate: Fixed at 3%
Term: The maximum maturity date of the loan will be determined by the
useful life of the improvement and the energy payback achieved as
determined by ERMU.
For projects that have a shorter length of payback (2-5) years as
calculated according to energy savings, the loans will have an initial
maturity of up to 5 years from the date of closing.
Longer life improvements (6-15 years) may apply for a longer
maturity of up to 10 years.
Criteria: Microloan funds shall be spent on energy efficiency improvements
outlined below or related building improvement costs
Applicant must agree to energy audits conducted under the utility
company’s Conservation Improvement Program (CIP). If warranted,
engineering studies then are performed on facilities with conservation
opportunities under the utility company’s CIP Program.
Energy efficiency is defined as improvements that are rebatable by
the Elk River Municipal Utilities (ERMU) or the utility provider for
the property if not ERMU. Proposed energy efficiency improvements
that do not qualify for the utility’s prescriptive rebate program will be
reviewed and approved by the utility company servicing the upgrade
measures (e.g. Elk River Municipal Utilities, Connexus, CenterPoint)
along with a letter indicating eligible utility rebates.
Utility rebates as applicable will be assigned to the Elk River EDA
and applied toward principal repayment of the loan.
An Elk River Energy City Commission member will be asked to
participate in the EDA Finance Committee review.
The loans will be secured by personal and corporate guarantees, and
if applicable a lien on equipment financed and subordinate mortgage
on the property.
Installation must be certified through a licensed contractor and
electrician. New construction is eligible when participating with a
utility company rebate program. Eligible costs shall include only
incremental costs over industry design standards.
Permitted Fund Uses:
Page 10 of 21 EDA & City Council Approved August 21, 2017
a. Energy efficiency measures installed in or on a building include:
b. Facility systems optimization (commissioning/re-commissioning)
c. Facility systems control improvements
d. Process efficiency improvements (CenterPoint Energy)
e. Lighting efficiency improvements
f. Heating, ventilation and air conditioning system modifications
g. Exterior envelope improvements
h. Motor and pump efficiency improvements
i. Ground-source heat pump systems used to heat or cool a facility
j. Installation of equipment or devices that use renewable energy sources to
generate electricity or heat or cool a building including solar electricity
(photovoltaic), wind turbine or solar thermal.
Ineligible Fund Uses:
a. Inventory
b. Refinancing of existing debt
c. Working capital
d. Expenditures for the construction and/or renovation of residential units
Micro-Brewery Loan
Purpose: The Micro-Brewery microloan is available to business and property
owners located within the city of Elk River. Amount: Up to $74,999 of secondary financing not to exceed 20% of the
Total project cost.
Equity: Must have private-sector commitments for 50% of the project cost.
Borrower must provide 10% or more of project financing.
Rate: Fixed at 3%.
Term: Financing with a balloon payment in up to 5-years. Loans may be
amortized up to the following limits:
10 years on equipment uses
Extension: In the event that the Borrower is unable to obtain conventional
financing to replace the Microloan at the end of five years, the loan
may be extended up to two additional years at a market rate of
interest.
Criteria: At a minimum, 50% of Microloan dollars must be used for the
purchase of equipment.
Loans must be supported by sufficient collateral, which will include
personal guarantees.
Page 11 of 21 EDA & City Council Approved August 21, 2017
Permitted Fund Uses:
e. Renovation and modernization of buildings
f. Furniture, fixtures, and equipment (FF&E)
g. Exterior renovation of retail or commercial buildings
h. Financing of leasehold improvements including façade improvements
will be considered at a limit of $25,000
Ineligible Fund Uses:
a. Inventory
b. Refinancing of existing debt
c. Working capital
Page 12 of 21
ELK RIVER ECONOMIC DEVELOPMENT
MICROLOAN FUND APPLICATION
1. CONTACT INFORMATION
Legal Name of Business:
Project Site Address:
City / State / Zip
Contact Person(s)
Business Phone Fax
Home Phone Email
Check One: Proprietor Corporation Partnership
Federal ID # State ID #
2. NATURE OF LOAN REQUEST
Which Microloan Program are you applying for?
Industrial Incentive Loan
Downtown Revitalization Financing Loan
Energy Efficiency Improvement Loan
Micro-Brewery Loan
Amount Requested: $ Total Project Cost: $
Type of project: New construction for a start-up business
New construction for an existing business
On site expansion
Equipment purchase
Remodeling: (circle one) Commercial / Retail / Industrial
Other
Page 13 of 21
Please give a brief summary of your business and its products or service:
Please give a brief summary of the project:
Please describe how this loan will impact your project:
3. FINANCING
Project Costs
Land $
Site improvements $
Buildings (attach plans & costs) $
Equipment/Machinery/Fixtures
(attach list and estimated costs) $
Remodeling $
Industrial Inventory/Working Capital $
Other (attach description) $
Total Costs $
Comments:
Page 14 of 21
Proposed Sources of Financing
SOURCE NAME TERMS AMOUNT
Bank Loan __________ $_________
Bank Loan __________ $_________
Other Private Funds __________ $_________
Applicant Contribution $_________
Other __________ $_________
Fed Grant/Loan __________ $_________
State Grant/Loan __________ $_________
EDA Microloan __________ $_________
Tax Increment Financing $
Tax Abatement $
Total Financing $_________
Collateral Assignments
Lien
Description of Collateral Position
To Bank 1
To Bank 2
To Private Sources
To Other Sources
To Federal Govt
To State
To EDA Microloan
Page 15 of 21
Value of Collateral
Book Value Cost Existing Liens
Land $_________ $___________ $__________
Buildings $_________ $___________ $__________
Machinery & Equip. $_________ $___________ $__________
Other__________ $_________ $___________ $__________
Other__________ $_________ $___________ $__________
4. JOB & WAGE GOALS
Present # of Employees_____________ Total Payroll_____________
Jobs To Be Created*
Please provide the following information on jobs you expect to create within 2-years.
Job Title
Number
of Jobs
Average
Hourly
Wage
Annual
Salary
Are the Jobs
Permanent or
Temporary?
Expected
Hiring
Date
*If loan is for job retention only, please explain in Business Plan.
Microloan Program Objectives
(Check all that apply)
_____ The project contributes to the fulfillment of the city’s approved and adopted
economic development and/or redevelopment plans.
_____ The project prevents or eliminates slums and blight.
_____ The project increases the local tax base.
_____ The project brings a structure into compliance with an existing building code
violation.
Page 16 of 21
5. PROJECT CONTACTS
Attorney
Name
Address
Phone ______
Accountant
Name ______
Address
Phone
Financing Sources (lenders, partners, etc…)
Name ______
Address
Phone
Name ______
Address
Phone
Parent Company
Name ______
Address
Phone
Others
Name ______
Address
Phone
Name ______
Address
Phone
Page 17 of 21
6. ATTACHMENTS CHECK LIST
Please attach the following:
______A) Written Business Plan:
1. Description of Business
2. Ownership
3. Management
4. Date Established
5. Products/Services
6. Future Plans
_______B) Financial Statements for Past Three Years and Year to Date
1. Profit & Loss Statements
2. Balance Sheets
_______C) Financial Projections for up to Three Years
_______D) A Project Proforma to include:
1. Projected revenues,
2. Operating expenses,
3. Net Operating Income, and
4. Annual Debt Service and Loan Payments.
_______D) Resume of Owner/Management
_______E) Personal Financial Statements of Proprietor, Partners,
Guarantors
_______F) Letter of Commitment from Applicant Pledging to Complete
During the Proposed Project Duration
_______G) Letter of Commitment from the Other Sources of Financing,
Stating Terms and Conditions of their Participation in
Project
_______H) Processing Fee of $2,000
Page 18 of 21
7. AGREEMENT
I / We certify that all information provided in this application is true and correct to the best
of my/our knowledge. I / We authorize the city of Elk River and the Finance Committee to
check credit references and verify financial and other information. I / We agree to provide
any additional information as may be requested by the city and the Finance Committee.
The undersigned has received the city’s policy regarding the payment of costs of review,
understands that reimbursement to the city of costs incurred in reviewing the application will
be required, agrees to reimburse the city as required in the policy and make payment when
billed by the city, and agrees that the application may be denied for failure to reimburse the
city for costs as provided in the policy.
APPLICANT SIGNATURE _______
BY
DATE
Page 19 of 21
Exhibit A: Downtown Area
Page 20 of 21
MICROLOAN APPLICATION SCORING WORKSHEET
1. The project meets the criteria set forth in the appropriate the Microloan policy.
a) Meets at least one of the microloan objectives in Section 7; 6(e).
c) Consistent with all city plans and ordinances.
d) Meets the wage requirements as defined in the city’s business subsidy policy.
2. Ratio of Private to All Public Investment in Project: Points: _____
$ Private Investment 5:1 5
$ Public Investment 4:1 4
Ratio Private: Public Financing 3:1 3
2:1 2
Less than 2:1 1
3. Job Creation in the City of Elk River: Points: _____
Number of new jobs as a result of the project. 25+ 5
Number of existing/retained jobs 20+ 4
Total 15+ 3
10+ 2
Less than 10 1
4. Ratio of Public Investment to Job Creation: Points: _____
$ Public Investment $8,000 or less 5
Number of new jobs created/retained $10,000 or less 4
$ of Public Investment per new job $12,000 or less 3
$15,000 or less 2
Over $15,000 1
5. Wage Level of jobs created/retained or relocated Points: _____
Minimum hourly wage Over $21/ hour 5
of jobs created/retained: $18-21 / hour 4
$15 / hour 3
6. Project size: Points: _____
The project will result in the construction 40,000+ 5
of square feet 30,000+ 4
20,000+ 3
10,000+ 2
10,000 or less 1
TO BE COMPLETED BY CITY STAFF
Page 21 of 21
7. Market Value/Tax Base Generation: Points: _____
The project will result in a per square foot Industrial Commercial
estimated market value (land and building) $80/sf+ $110/sf+ 5
of $70/sf+ $100/sf+ 4
$60/sf+ $90/sf+ 3
$50/sf+ $80/sf+ 2
$40/sf+ $70/sf+ 1
8. Type of Project: Points: _____
100% Owner Occupied 5
Mix Owner Occupied & Investment 4
Investment Property 3
9. Use: Points: _____
Industrial or Business Park Project 5
Commercial/Retail Rehabilitation/Redevelopment 4
______ Downtown Revitalization or Microbrew 3
10. Likelihood that the project will result in Points: _____
unsubsidized, spin-off development. High 5
Moderate 3
Low 1
11. Point Adjustments Point Adjustments:
The project contributes to the goals of Energy City. 5 points
• Product promotes sensible use of energy, OR
• Project utilizes significant energy efficient design &/or
materials in construction.
Sub - Total Points: of a possible 45 points.
Total Points:
Overall project desirability: High 50-35 points
Moderate 34-29 points
Low 28-20 points
Not Eligible 19-0 points
1 EDA & City Council Approved April 17, 2017
Powered by Nature
Economic Development
Job Incentive Microloan
Guidelines, Policy & Application
(Seeded by State MN Investment Fund Awards)
April 17, 2017
City of Elk River
Economic Development Division
13065 Orono Parkway
Elk River, MN 55330
763.635.1040
2 EDA & City Council Approved April 17, 2017
ELK RIVER ECONOMIC DEVELOPMENT
JOB INCENTIVE MICROLOAN
GUIDELINES, POLICY & APPLICATION
GENERAL PURPOSE AND GUIDELINES
The purpose of the RLF is to provide financial and technical assistance for the creation and retention of new
employment. These objectives may be accomplished through the following means:
1. Create/retain permanent private sector jobs to fuel above-average economic growth.
2. Investment in technology and equipment that increase productivity and provide for higher wages;
3. Leverage of private investment to ensure economic renewal and competitiveness;
4. Increase the local tax base to guarantee a diversified industry mix;
5. Improve the quality of existing jobs, based on increases in wages or improvements
in the job duties, training, or education associated with those jobs;
6. Improve employment and economic opportunities and create a reasonable standard of living;
and
7. Enhance productivity growth through improved manufacturing or new technologies.
One way to meet these objectives is to assist businesses that have location options outside of Elk River.
These firms bring income into the state and raise the overall standard of living.
ELIGIBLE EXPENDITURES
The MIF-seeded funds may be used in a variety of ways include example noted below. More information is
available in Minn. Stat. 116J.8731 and through conversations with your loan officer.
1. Provide loans, and other forms of participation, ensuring that RLF funds are matched by
private financing/owner equity.
2. Fund strategic investments in renewable energy market development. Any expenditure for
external marketing for renewable energy market development is not subject to the
matching requirements listed above.
3. Provide entrepreneurs with training, other technical assistance, and financial assistance as
defined by federal guidelines.
ELIGIBLE PROJECTS
Assistance must be evaluated on the existence of the following conditions as noted in Minn. Stat. 116J.8731:
1. Creation or retention of jobs, or the improvement of jobs as measured by wages, skills or
knowledge;
2. Increase in the tax base;
3. Attraction of private funds to the project;
4. Incapacity of local communities and finance partners to finance project;
5. Results in higher wage levels or workforce skills;
6. Supports development of microenterprises, as defined by federal guidelines, through
technical assistance or financial assistance.
7. The project promotes or advances the green economy.
8. Need for assistance to retain existing business;
9. Importance of assistance to attract out-of-Elk River business; and
The assistance cannot meet solely 8 or 9; other conditions must also be present.
3 EDA & City Council Approved April 17, 2017
ELIGIBLE ACTIVITIES
RLF’s may be used to fund a variety of business activities including:
1. Acquisition of land
2. Construction or rehabilitation of facilities
3. Site improvements
4. Utilities or infrastructure
5. Machinery and Equipment
6. Training
Advance approval from DEED is necessary if the local government would like to provide financing for
activities not listed above. Approval is more likely to occur in projects that relate to business development
and involve other local government funds.
INELIGIBLE ACTIVITIES
In contrast to federal MIF funds, there are industry limitations on how state MIF RLFs may be used. State
MIF RLFs may not be used for the operation, construction or expansion of a casino, a sport facility that
that has a professional sports team as a principal tenant or any firm engaged in retailing merchandise. All
assistance should follow the approved RLF guidelines. Please call the Economic Development Director to
discuss any prospective financing.
WAGE GOALS
Businesses receiving RLF-State MIF assistance must pay each employee total compensation, including
benefits not mandated by law, shall be the greater of $15.00 per hour or 150% of state or federal minimum
wage, whichever is greater, exclusive of benefits required by law.
OTHER ELIGIBLE USES OF THE FUNDS
Minn. Stat. 116J.8731 allows local governments to loan or grant RLF funds to a regional development
commission, other regional entities, or a certain statewide community capital funds to provide the local
match required for capitalization of a regional or statewide RLF.
CONFLICT OF INTEREST
Minn. Stat. 471.87 and 471.88 provide guidance on conflict of interest in a MIF transaction. An actual
conflict of interest shall be deemed to exist when a decision on a MIF transaction would compromise a
duty to another party or if special advantage is deemed to occur. Potential conflict of interests should also
be considered.
BUSINESS SUBSIDY LAW
As mentioned on page 1, Minn. Stat. 116J.993 and 116J.994 must be followed in the administration of RLF-
State MIF. These sections pertain to the definition of a business subsidy, public purpose of the subsidy,
criteria, subsidy agreements, wage and job goals, timing of the project, public notice and hearing
requirements, failure to meet goals, and reporting of information regarding the outcomes of the subsidy.
JOB LISTING REQUIREMENTS
Per Minn. Stat. 116L.66, a business that receives grants or loans in an amount greater than $200,000 must
agree to list any vacant or new positions related to the financial assistance on the MinnesotaWorks.net job
bank website.
4 EDA & City Council Approved April 17, 2017
PREVAILING WAGE
Per Minn. Stat. 116J.871, laborers and mechanics at the project site during construction, installation,
remodeling, and repairs must be paid the state prevailing wage if the financial assistance is greater than
$500,000 for a loan. All contracts for publicly owned infrastructure using the RLF must comply with the
prevailing wage provisions.
DATA PRIVACY
The provision of any information related to any applications for assistance is guided by Minn. Stat. 13.591,
particularly Subd 1 and 2. Other applicable state and federal laws and rules must also be followed.
JOBS INCENTIVE MICROLOAN PROGRAM
Purpose: To assist existing businesses with expansion and attract new businesses to the City
whose local operations will help expand the City’s economy through job retention and
creation and maintain/grow the City’s tax base. The purpose of the Jobs Incentive
Program is to encourage the creation of high paying and quality jobs to the city.
Amount: Up to $200,000 of secondary financing not to exceed 20% of the total project cost.
Equity: Must have private-sector commitments for 50% of the project cost. Borrower must
provide 10% or more of project financing.
Rate: Fixed at 3%.
Term: Financing with a balloon payment in up to 5-years. Loans may be amortized up to the
following limits:
20 years on real estate uses;
10 years on equipment uses.
MICROLOAN FUND TERMS & CONDITIONS
Loan Structure
All Economic Development Microloans shall be structured as direct loans unless otherwise
approved by the EDA Finance Committee. If a participation loan is requested, an agreement will be
signed by the borrower, primary lender and the EDA.
The EDA may require additional agreements to be signed by the borrower
(i.e. security agreement, personal guarantees, business subsidy agreement).
Simultaneous Microloans
The simultaneous use of different EDA microloan programs by any one borrower or for any one
project is prohibited.
Loan Repayment
Jobs Incentive funds, including principal and interest received may not be used to support
restaurant, retail, casinos, or sports facilities.
Call of Loan
5 EDA & City Council Approved April 17, 2017
A loan shall become due and payable in full if a business relocates outside of the city of Elk River
prior to the maturity date of the loan.
Late Payment Charge
A late payment charge of 8% of the installment amount will be enforced following a
grace period of 10 calendar days.
REGULATION FOR NEW CONSTRUCTION AND IMPROVEMENTS
All buildings which public funds will be used for construction or renovation are to be brought into
conformance with city ordinances and state building codes.
LOAN SECURITY AND GUARANTEES
Applicant must be able to secure the loan by providing the EDA with a minimum of a subordinate
mortgage upon the building and/or assets or other approved collateral equal to the amount of the
loan.
Applicant must demonstrate the financial means to repay the loans, as determined by the EDA.
Whenever possible, personal, corporate, and/or entity guarantees will be made part of any loan
agreement.
Key person life insurance may be required as determined by the EDA Finance Committee based on
loan amount and company ownership partners.
TIMING OF PROJECT EXPENSES
No project should commence until the EDA has approved the loan application. Any costs incurred
prior to the approval of the loan application are not eligible expenditures.
No building construction should commence until the required city permits are secured.
The applicant will be responsible for all legal, recording, and other fees required for protection of a
security interest in the loan, payable by a $2,000 processing fee, which is paid at the time of
application. In addition to the processing fee, all legal and filing fees shall be paid by the borrower
at loan closing.
Closing of the Microloan should be simultaneous with the borrower’s primary funding. The EDA
should be given two weeks’ notice before closing.
PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL
1. All applicants shall first contact a primary lending institution to determine if additional
equity is needed, and if so, how much (if applicable).
2. The applicant shall then meet with city staff to obtain information about the microloan
program, discuss the project, and obtain application forms.
3. The applicant shall complete and submit an application form to the city, along with a
$2,000 processing fee. The fee is used to cover processing expenses and any remaining
6 EDA & City Council Approved April 17, 2017
funds will be returned to the applicant. The applicant must provide evidence of their
ability to meet the 10% equity requirements or provide a letter of commitment for
conventional financing from the primary lending institution.
4. The EDA is a governmental entity and as such must provide public access to public data
it receives. Data deemed by Applicant to be nonpublic data under State law should be so
designated or marked by Applicant. See Minn. Sat. Sections 13.59, Subd. 1, respectively.
5. The application will be reviewed by the city staff to determine if it conforms to all city
policies and ordinances and to consider the following:
a. The availability and applicability of other governmental grants and/or
microloan programs.
b. Whether the proposed project will result in conformance with building and
zoning codes.
c. Whether it is desirous and in the best interests of the public to provide funding
for the project.
6. The EDA Finance Committee and EDA Commissioners will review each application in
terms of its consistency with the goals of the city’s Comprehensive Plan and Economic
Development Strategic Plan and in relation to the project’s overall impact on the
community’s economy. Downtown Revitalization Loan applications will also be
reviewed by a Housing & Redevelopment Authority Commissioner in conjunction with
the EDA Finance Committee. Energy Efficiency Improvement Loan applications will
also be reviewed by an Energy City Commissioner in conjunction with the EDA Finance
Committee.
The EDA Finance Committee will evaluate the project application in terms of the
following:
a. Project Design - Evaluation of project design will include review of proposed
activities, time lines and a capacity to implement the project.
b. Financial Feasibility - Availability of funds, private involvement, financial
packaging and cost effectiveness.
• Appropriate ratio of private funds to Microloan funds.
• Sufficient cash flow to cover proposed debt service as demonstrated by
financial statements and projections.
• Letter of Commitment from applicant pledging to complete the project
during proposed project duration, if the loan application is approved.
• Letter of Commitment from other financing sources stating terms and
conditions of their participation in the project if applicable.
• Sufficient collateral.
c. All other information as required in the application and/or additional information
as may be requested by the Economic Development staff.
7 EDA & City Council Approved April 17, 2017
d. Project compliance with all city codes and policies.
e. Microloan Objectives - In addition to quality job and wage creation/retention
requirements, the applicant must meet all Microloan Fund criteria and
demonstrate how the proposed activities will meet at least one of the following
objectives:
• The project contributes to the fulfillment of the city’s approved and adopted
economic development and/or redevelopment plans.
• The project prevents or eliminates slums and blight.
• The project increases the local tax base.
• The project brings a structure into compliance with an existing building code
violation.
7. A written request for an extension shall be accompanied by a copy of current financial
statements and a $500 upfront processing fee. The processing fee is used to cover
processing expenses. The application for an extension beyond the original term should
include a letter of denial from a conventional lender.
8. The EDA Finance Committee will recommend the approval, denial, or request a
resubmission. A recommendation from the Finance Committee will be forwarded to the
EDA for recommendation of approval, denial to the City Council for final action.
MICROLOAN POLICY REVIEW
The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this
document are consistent with the economic development goals set forth by the city.
RIGHT OF REFUSAL
The EDA may deny any application if it is found not consistent with the goals of the city’s
Comprehensive Plan and Economic Development Strategic Plan and in relation to the project’s
overall impact on the community’s economy.
AGREEMENT TO PAY COSTS OF REVIEW
It is the policy of the City of Elk River to require applicants to pay costs incurred by the City in
reviewing and acting upon applications, so that these costs are not borne by the taxpayers of the
City. These costs include all of the City’s out-of-pocket costs for expenses, including the City’s costs
for review of the application by the City’s Financial Consultant and City Attorney, or other
consultants, recording fees, and necessary publication costs.
The application processing fees cover anticipated costs; costs incurred above the application fee will
be invoiced as they are incurred, and payment will be due within thirty (30) days. Application fees
are not refundable, though any unused portion is returned at the request of the applicant. If
payment is not received as required by this agreement, the City may suspend the application review
process and may deny the application for failure to comply with the requirements for processing the
application. Payment for costs will be required whether the application is granted or denied.
8 EDA & City Council Approved April 17, 2017
The undersigned has received the City’s policy regarding the payment of costs of review,
understands that reimbursement to the City of costs incurred in reviewing the application will be
required, agrees to reimburse the City as required in the policy and make payment when billed by the
City, and agrees that the application may be denied for failure to reimburse the City for costs as
provided in the policy.
AGREEMENT
I / We certify that all information provided in this application is true and correct to the best of
my/our knowledge. I / We authorize the city of Elk River and the Finance Committee to check
credit references and verify financial and other information. I / We agree to provide any additional
information as may be requested by the city and the Finance Committee.
The undersigned has received the city’s policy regarding the payment of costs of review, understands
that reimbursement to the city of costs incurred in reviewing the application will be required, agrees
to reimburse the city as required in the policy and make payment when billed by the city, and agrees
that the application may be denied for failure to reimburse the city for costs as provided in the
policy.
APPLICANT SIGNATURE
BY
DATE
9 EDA & City Council Approved April 17, 2017
ELK RIVER ECONOMIC DEVELOPMENT
MICROLOAN FUND APPLICATION
1. CONTACT INFORMATION
Legal Name of Business:
Project Site Address:
City / State / Zip
Contact Person(s)
Business Phone Fax
Home Phone Email
Check One: Proprietor Corporation Partnership
Federal ID # State ID #
2. NATURE OF LOAN REQUEST
Which Microloan Program are you applying for?
Jobs Incentive Loan (Funded by State MIF Funds)
Amount Requested: $ Total Project Cost: $
Type of project: New construction for a start-up business
New construction for an existing business
On site expansion
Equipment purchase
Remodeling: (circle one) Commercial / Retail / Industrial
Other
Please give a brief summary of your business and its products or service:
10 EDA & City Council Approved April 17, 2017
Please give a brief summary of the project:
Please describe how this loan will impact your project:
3. FINANCING
Project Costs
Land $
Site improvements $
Buildings (attach plans & costs) $
Equipment/Machinery/Fixtures
(attach list and estimated costs) $
Remodeling $
Industrial Inventory/Working Capital $ Other (attach description) $
Total Costs $
Comments:
Proposed Sources of Financing
11 EDA & City Council Approved April 17, 2017
SOURCE NAME TERMS AMOUNT
Bank Loan __________ $_________
Bank Loan __________ $_________
Other Private Funds __________ $_________
Applicant Contribution $_________
Other __________ $_________
Fed Grant/Loan __________ $_________
State Grant/Loan __________ $_________
EDA Microloan __________ $_________
Tax Increment Financing $
Tax Abatement $
Total Financing $_________
Collateral Assignments
Lien
Description of Collateral Position
To Bank 1
To Bank 2
To Private Sources
To Other Sources
To Federal Govt
To State
To EDA Microloan
12 EDA & City Council Approved April 17, 2017
Value of Collateral
Book Value Cost Existing Liens
Land $_________ $___________ $__________
Buildings $_________ $___________ $__________
Machinery & Equip. $_________ $___________ $__________
Other__________ $_________ $___________ $__________
Other__________ $_________ $___________ $__________
4. JOB & WAGE GOALS
Present # of Employees_____________ Total Payroll_____________
Jobs To Be Created*
Please provide the following information on jobs you expect to create within 2-years.
Job Title
Number
of Jobs
Average
Hourly
Wage
Annual
Salary
Are the Jobs
Permanent or
Temporary?
Expected
Hiring
Date
*If loan is for job retention only, please explain in Business Plan.
13 EDA & City Council Approved April 17, 2017
5. PROJECT CONTACTS
Attorney
Name
Address
Phone ______
Accountant
Name ______
Address
Phone
Financing Sources (lenders, partners, etc…)
Name ______
Address
Phone
Name ______
Address
Phone
Parent Company
Name ______
Address
Phone
Others
Name ______
Address
Phone
Name ______
Address
Phone
14 EDA & City Council Approved April 17, 2017
6. ATTACHMENTS CHECK LIST
Please attach the following:
______A) Written Business Plan:
1. Description of Business
2. Ownership
3. Management
4. Date Established
5. Products/Services
6. Future Plans
_______B) Financial Statements for Past Three Years and Year to Date
1. Profit & Loss Statements
2. Balance Sheets
_______C) Financial Projections for up to Three Years
_______D) A Project Proforma to include:
1. Projected revenues,
2. Operating expenses,
3. Net Operating Income, and
4. Annual Debt Service and Loan Payments.
_______D) Resume of Owner/Management
_______E) Personal Financial Statements of Proprietor, Partners,
Guarantors
_______F) Letter of Commitment from Applicant Pledging to Complete
During the Proposed Project Duration
_______G) Letter of Commitment from the Other Sources of Financing,
Stating Terms and Conditions of their Participation in
Project
_______H) Letter of Commitment from the Applicant committing to prevailing wage
requirements.
_______H) Processing Fee of $2,000
15 EDA & City Council Approved April 17, 2017
7. AGREEMENT
I / We certify that all information provided in this application is true and correct to the best of
my/our knowledge. I / We authorize the city of Elk River and the Finance Committee to check
credit references and verify financial and other information. I / We agree to provide any additional
information as may be requested by the city and the Finance Committee.
The undersigned has received the city’s policy regarding the payment of costs of review, understands
that reimbursement to the city of costs incurred in reviewing the application will be required, agrees
to reimburse the city as required in the policy and make payment when billed by the city, and agrees
that the application may be denied for failure to reimburse the city for costs as provided in the
policy.
APPLICANT SIGNATURE _______
BY
DATE
16 EDA & City Council Approved April 17, 2017
MICROLOAN APPLICATION SCORING WORKSHEET
1. The project meets the criteria set forth in the appropriate the Microloan policy.
a) Meets at least one of the microloan objectives in Section 7; 6(e).
c) Consistent with all city plans and ordinances.
d) Meets the wage requirements as defined in the city’s business subsidy policy.
2. Ratio of Private to All Public Investment in Project: Points: _____
$ Private Investment 5:1 5
$ Public Investment 4:1 4
Ratio Private: Public Financing 3:1 3
2:1 2
Less than 2:1 1
3. Job Creation in the City of Elk River: Points: _____
Number of new jobs as a result of the project. 25+ 5
Number of existing/retained jobs 20+ 4
Total 15+ 3
10+ 2
Less than 10 1
4. Ratio of Public Investment to Job Creation: Points: _____
$ Public Investment $8,000 or less 5
Number of new jobs created/retained $10,000 or less 4
$ of Public Investment per new job $12,000 or less 3
$15,000 or less 2
Over $15,000 1
5. Wage Level of jobs created/retained or relocated Points: _____
Minimum hourly wage Over $21/ hour 5
of jobs created/retained: $18-21 / hour 4
$15 / hour 3
6. Project size: Points: _____
The project will result in the construction 40,000+ 5
of square feet 30,000+ 4
20,000+ 3
10,000+ 2
10,000 or less 1
TO BE COMPLETED BY CITY STAFF
17 EDA & City Council Approved April 17, 2017
7. Market Value/Tax Base Generation: Points: _____
The project will result in a per square foot Industrial Commercial
estimated market value (land and building) $80/sf+ $110/sf+ 5
of $70/sf+ $100/sf+ 4
$60/sf+ $90/sf+ 3
$50/sf+ $80/sf+ 2
$40/sf+ $70/sf+ 1
8. Type of Project: Points: _____
100% Owner Occupied 5
Mix Owner Occupied & Investment 4
Investment Property 3
9. Use: Points: _____
Industrial or Business Park Project 5
Commercial/Retail Rehabilitation/Redevelopment 4
10. Likelihood that the project will result in Points: _____
unsubsidized, spin-off development. High 5
Moderate 3
Low 1
11. Point Adjustments Point Adjustments:
The project contributes to the goals of Energy City. 5 points
• Product promotes sensible use of energy, OR
• Project utilizes significant energy efficient design &/or
materials in construction.
Total Points:
Overall project desirability: High 50-35 points
Moderate 34-29 points
Low 28-20 points
Not Eligible 19-0 points
Sub - Total Points: of a possible 45 points.
Recommended documents that parallel underwriting grid
Business
Documents
Under $15K $5K-$15K $15K-25K $25K - $50K Over $50K
Business Bank
Statements
2 months
X
Business Bank
Statements
3 months
X X X
Business Bank
Statements
4 months
X
Tax Return –
one year
X X X
Tax Return –
two years
X X
Profit and Loss
YTD
X X
Profit and Loss
YTD + Previous
Year
X X
Balance Sheet
Current
X X
Balance Sheet
Current +
Previous Year
X
Business Plan –
Start-up vs.
Existing
X X X X X
Recommended documents that parallel underwriting grid
Personal
Financial
Information
Under $15K $5K-$15K $15K-25K $25K - $50K Over $50K
Paystub – 2
most recent
X X X X X
Proof of other
sources of
income
X X X X X
Personal Bank
Statements – 1
months
X
Personal Bank
Statements – 3
months
X X X X
Tax Return –
one year
X X
Tax Return –
two years
(SBA Requires
2 years of Tax
Returns)
X
Tax Return –
three years
X
Form 4506 X
Personal
Financial
Statement
X
Utility Bill X X X X X
Business documents and how it impacts the Five C’s of credit:
Business
Documents
Cash Capacity Credit
Capacity
Character Capital Collateral
Application X X X X X
Credit Report X X X
Business Bank
Statements
X X
Tax Return X X
Profit and Loss X
Projections X
Balance Sheet X X X X X
Business Plan X
Loan Officer
Recommendation
X X
Personal Financial Information and how it impacts the Five C’s of credit:
Personal
Financial
Information
Cash Capacity Credit Capacity Character Capital Collateral
Paystub X X X X
Spouse Credit
Report
X X X
Proof of other
sources of
income
X X
Personal Bank
Statements
X X X X
Tax Return X X
Form 4506 X
Personal
Financial
Statement
X X X X X
Microloan Application Sample Questions
Business Owner name Industry
Home Address Description of business
How many years have you lived there? Years of Experience
Business Name Requested Loan Amount
Business Email Purpose of funds
Business Website Tax ID/SS#
Business Cell Phone Birthdate of owner
Ownership/Legal Structure Driver’s License Number and State
Where do you conduct business? Do you have a separate business checking?
How many days/hours is your business open? Do you have an existing merchant cash advance?
When did you begin business operations? Have you received business coaching?
Business Location
Business Street Address When did you start at this location?
Business Mailing Address Do you own your business location?
Business Income
Total Sales per month Type of financial records kept?
Amount of monthly sales in credit cards
Business Expenses
Total expenses per month Utilities
Cost of Goods Sold Payments to credit cards, car loans, other
Business rent/mortgage Other major expenses: insurance, phone
Payroll (besides yourself)
Business Assets & Liabilities
List of main business assets List of main liabilities
Total business asset value Total liabilities
Personal Monthly Income
Monthly take-home from business Other sources of income
Owners income from other employment Personal bank account
Spouses Income
Personal Expenses
Food Credit Card Payments
Clothing Vehicle Payments
Utilities Mortgage or Rent
Education/Childcare Child Support/Alimony Payments
Social Impact
Number of Employees Marital Status
New Jobs/Retained Jobs in the next 2 years Years of Education
Are you a veteran? Number of people in your household
Gender Any credit issues you would like to disclose?
Race