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Application Checklist

  1. Project

    • Fully complete and signed CMDC Loan Information & Consent Form.
    • Copy of signed purchase agreement for land and/or building*.
    • Copy of Sworn Construction Statement including construction bids*.
    • Copy of equipment list (purchase invoices)*.
  2. Business

    • History and description of the business (business plan)*.
    • Current balance sheet and income statement (accrual basis) for the Operating Company (OC). Must be within 90 days of the application date*.
    • Accounts receivable and accounts payable aging reports corresponding with current balance sheet*.
    • Debt schedule, corresponding with current balance sheet, detailing all obligations for the OC*.
    • Last three fiscal year-end balance sheets and income statements (accrual basis) and completed signed copies of past three years' income tax returns for the OC*.
    • Request for IRS transcripts (IRS Form 4506-T - Request for Transcript of Tax Return for OC and owners)*.
    • Any business in operation less than two years must provide a projections of earnings - estimate 2 year, including a description of assumptions, showing the effect of the proposed project plus a month-by-month statement of cash flow*.
    • For business start-ups or expansion projects - Breakeven Analysis
  3. Business Misc.

    • Filed copy of Articles of Incorporation and By-laws, and/or Partnership Agreement and/or Limited Liability Company Organizational documentation or Certificate of Assumed Name
    • Employer identification number/Tax identification number for the real estate holding company and/or OC.
    • Names, addresses and last two fiscal year-end financial statements or tax returns of any subsidiaries and/or affiliates, if applicable. Copy of signed franchise or dealer agreement, if applicable.
    • Copy of new lease between OC and real estate holding company, if applicable (sample lease which satisfies SBA requirements).
  4. Personal

  5. Lender

    • Sample Bank Commitment Letter with Credit Elsewhere Statement from first mortgage lender.
    • Credit reports for all owners.
    • Business credit report for the OC.
    • Copy of lender's credit memorandum.
    • Appraisal of project (NOTE: this must be ordered by participating lender and must include CMDC and U.S. Small Business Administration in the reliance statement).
    • Environmental investigation: Phase I or a Phase II (which must include an environmental reliance letter to CMDC and U.S. Small Business Administration) or an environmental questionnaire and records search with risk assessment.
    • Itemization of soft costs (include professional fees, contingencies and interim interest).

* Required Items for Pre-Qualifaction Submittal       |     Download Printable Application Checklist Form

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