Res 2012-156 - Laserfiche WebLink

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(1) If the business is using other private financing, a commitment letter (from all other private financing entities) must be included in the application indicating the commitment amount, the stated proposed use of the funds, the estimated date of availability, the rate and term, the expiration date of the commitment and the security of the loan. (2) If the business is using corporate or personal funds, a commitment letter from that company's chief executive officer or the principals of the firm (or the individual) must be included in the application indicating the commitment amount, the stated proposed use of the funds, the estimated date of availability, the rate and term, the expiration date of the commitment and the security of the loan. (3) If the business is using public financing, a commitment letter from the financing entity must be included in the application indicating the commitment amount, the stated proposed use of the funds, the estimated date of availability, the rate and term, the expiration date of the commitment and the security of the loan. DECLINE LETTER Since the RLF is a "gap financier ", at least one denial letter from a lender located within a 100 mile radius of the proposed project must be included in the application to substantiate a financing gap (unavailability of funds for this project) or at least one commitment letter from a lender must be included to substantiate a financing gap or rate of return gap (availability of funds for this project, but the business can not cash flow the project and /or produce a rate of return comparable to industry standards due to the interest rate /terms provided for in the commitment letter). VERIFICATION OF DEPOSIT A Request for Verification of Deposit Form is required for each of the above - referenced financial commitment letters, as outlined on the Sources and Uses of Funds Form (except for readily verifiable financial institutions). 4