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Business Investment Page 4 of 5 <br /> <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 /> <br />Application Process <br />1. Lending official and applicant discuss project eligibility with <br /> Initiative Foundation program staff. <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 /> <br />Note: At any point in the review process, the application may be <br />denied or sent back for further information. <br /> <br />(64K) <br /> <br />View and print with Adobe® Acrobat® Reader Software. <br /> <br />~ of pangs. <br /> <br />Seed l.m'estments <br /> <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 /> <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 /> <br />http ://www.ifound. org/htmlgousinvt.htm 8/10/01 <br /> <br /> <br />