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Business Investment Page 4 of 5 <br /> agreed upon by the borrower and lender. <br /> D.Term of Loan Guarantee—The term of the guarantee shall not <br /> exceed five years,however,the loan can be amortized up to 15 . <br /> years. <br /> E.Collateral—Collateral securing the guaranteed loan may <br /> consist of land,buildings,machinery,equipment, furniture, <br /> fixtures,vehicles,inventory,accounts receivable,mortgages on <br /> fixed assets held personally,assignment of the interest in a <br /> Contract for Deed and assignment of life insurance. <br /> F.Other Financing Policies <br /> 1.The recipient of a loan guarantee must be a for-profit <br /> business entity organized in any manner permitted by the laws <br /> of the State of Minnesota. <br /> 2.All loans must be adequately secured and personally <br /> guaranteed to the satisfaction of the program staff. <br /> 3.All loan guarantees shall be subject to whatever agreements <br /> and documents are reasonably necessary to protect the interest <br /> of the program sponsors and to ensure that the purpose and <br /> intent of this program are met. <br /> 4.Loan applicants must demonstrate that they are credit <br /> worthy and have the ability to perform under any agreement <br /> entered into with the lender. <br /> 5.All applicants receiving financing assistance must <br /> demonstrate an acceptable level of job creation or retention. <br /> 6.This program is not intended for restructuring or refinancing <br /> of existing debt with the lender. <br /> Application Process <br /> 1.Lending official and applicant discuss project eligibility with <br /> Initiative Foundation program staff. 411 <br /> 2.Lending official completes application forms and submits <br /> application and exhibits to the Initiative Foundation. <br /> 3.Program staff reviews application.Application is presented to <br /> the President for final approval or denial. <br /> 4.Lender executes Loan Guarantee Agreement and loan is closed <br /> in accordance with the Guarantee Agreement. <br /> Note:At any point in the review process, the application may be <br /> denied or sent back for further information. <br /> Download a PDF version of the Loan Guarantee Application <br /> (64K) <br /> r View and print with Adobe®Acrobat®Reader Software. <br /> Male <br /> .tea <br /> Top of page. <br /> Seed Investments <br /> The purpose of the Seed Fund is to promote the entrepreneurial <br /> culture within Central Minnesota and promote the capacity of <br /> manufacturing or technology-related companies to grow. <br /> Eligible participants include individuals, small and medium size • <br /> businesses located in the 14 counties served by the Initiative <br /> Foundation and the St. Cloud Regional Office of Minnesota <br /> http://www.ifound.org/html/businvt.htm 8/10/01 <br />