7.0. EDSR 08-12-1996 - Laserfiche WebLink

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Request for Financing gftlames I.Taylor(dba)Jimichaeleen Mufflers, Inc. 'age Two PROJECT FINANCING / SOURCES OF FUNDS Bank $332,350 SBA $275,000 Cash $66510 Subtotal $673,860 Bank $60,000 Elk River RLF $50,000 Total Funding Sources $783,860 • Source, amount and quality of equity contribution The source of the equity injection will be from Jimichaeleen Mufflers, Inc. The amount of equity required is estimated to be$66,510. The company's current cash balance as of 4/30/96 was $223,007. • Structure of the entity/management In 1991 the company changed its structure from a C Corporation to an S Corporation. The company currently operates under this format. The company is owned solely by James I.Taylor who will be the borrower for the project. Mr. Taylor has owner and managed the company since its inception in 1979. • Prior to opening his first Mdas Muffler franchise Jim was in charge of store operations at the Midas Corporation Training Center in Illinois. Prior to that he worked as an auto mechanic and service manager for a Midas franchisee in Illinois. • Characteristics of the property/facilities The proposed project involves the construction of a Midas shop on Highway 169 in Elk River. The site for the project is a prime location and is within an overall development called Elk Park Center. The center is home to major retailers including Target and Cub Foods. The proposed building is 4,542 sq. ft. and has six service bays. Eight jobs are expected to be created from the project in the next two years. • Financial Analysis A financial analysis has been completed on the company. A spread of the historical financial statements is contained in the pages that follow. In addition, a personal financial statement for Mr. Taylor is provided. • Advance-Resources for Development,Inc.