Fillable 477 Revolving Loan Fund Documents

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477 Revolving Loan Fund Documents

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U.S.A. forms for Town of Frederick

BROWSE TOWN OF FREDERICK (CO) FORMS

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Application Procedure
Applications are reviewed on a first-come, first-served basis. The project is administered through the
Town of Frederick and approved through the Town of Frederick Revolving Loan/Grant committee upon the
recommendation of a participating financial institution.
The applicant recognizes that the Town of Frederick Revolving Loan/Grant committee will not process a
pre-application that is not complete. Incomplete pre-applications will be returned to the applicant for
completion. Town of Frederick staff will work with the applicant to provide technical assistance to
develop a complete application packet with required attachments.
Pre-Application - Attachments to application:
• Building Owner approval letter if tenant is applicant
• Pictures of existing and description of improvements
• Preliminary Estimate of Costs
• For Start Up: Business Plan (if applicable)
• Release for Credit Check
• Application Fee: $50 (Refundable unless loan is not approved)
Final Application Review
Attachments to application
• Building Permit (if Town required)
• Letter of Application from Financial Institution (if portion financed)
• Letter of Reference from Financial Institution and/or Others (if owner/occupant financed)
For application and information contact:
Town of Frederick P.O. Box 435 – 401 Locust Street – Frederick, Colorado 80530 – 720.382.5500 –
jsimmons@frederickco.gov
Approval Notice
Preliminary Approval:
At this time there will be an on-site inspection of the property with the applicant(s) and loan committee to
review the applications. After this inspection, the loan committee will make a preliminary decision on the
status of the application.
The applicant will be notified in writing via mail, fax, or email of the preliminary approval of the loan
(approval pending financial review).
Final Approval:
Applicant must submit a final itemized estimate including all changes in design/concept to the loan
committee. Committee will base final approval on recommendation from financial institution.
Pre-Qualified Applicant:
Applicants can be pre-qualified for receipt of loan. Approval and award of loan will be given as funds
allow.
In the event that an applicant is pre-qualified for a loan, no cost expended by the applicant for façade
improvement prior to confirmation of available Revolving Loan funds will be reimbursed. Confirmation
of funds available for loans through the Town of Frederick Revolving Loan program will be in writing.
The loan committee currently meets on an as-needed basis. This is subject to change without notice should
the committee deem it necessary.
Payment Procedures
• Work must be completed within one (1) year of applicant approval.
• Loan will be in the form of a reimbursement program. The work will have to be complete and
inspected by a representative of the loan committee and by City code inspector if applicable prior to
payment.
• If already paid, business will submit project invoices and proof of payment. If not yet paid,
business will submit invoices and check will be written to business and contractor (if involved).
• Loan Applicant will sign promissory note in the amount of the loan.
• Town of Frederick reserves the right to initiate a security lien on furniture and fixtures at time of
loan funding.
• Loan to applicant will be paid within five (5) business days of submittal of invoices/proof of
payment.
• Applicant installment payments of principal and accrued interest will be paid monthly, with a
maximum term of three (3) years, subject to agreement between the applicant and participating
bank.
• All out of pocket closing costs and recording fees will be the responsibility of the applicant.
• The Town of Frederick Revolving Loan Fund processing fee will be deducted from the final
payment if all payments are completed as scheduled.
1
Town of Frederick, Colorado
FACADE IMPROVEMENT PROGRAM
Pre-Application Form
Name of applicant________________________________________________________________
Business Information
Name of business ________________________________________________________________
Legal Structure: 0 Sole Proprietor 0 Corporation (S or C) 0 Limited Liability Company (LLC)
0 Limited Partnership (LP) 0 Limited Liability Partnership (LLP)
Address of business ______________________________________________________________
Phone number ______________________________ Fax number __________________________
E-mail address __________________________________________________________________
Type of business_________________________________________________________________
Number of years in business __________ If new, anticipated opening date __________________
Personal Information
Address of applicant _____________________________________________________________
Phone number ______________________________ Fax number __________________________
E-mail address __________________________________________________________________
Property Information
How long has the business been at the current location? __________________________________
Applicant is the o Property Owner o Business Owner o Other __________________________
Property owner’s name (if different from applicant) _____________________________________
Property owner’s address __________________________________________________________
Property owner’s phone number_____________________________________________________
If the property is leased by the applicant, when does current lease expire? ____________________
Note: If you are not the property owner, please have the property owner or an authorized representative
write letter verifying physical improvements to façade and attach to the application.
2
Proposed Facade Improvements
Please describe the proposed improvement to the property. Include two color photographs showing
existing building conditions. If you have any additional building information, such as measured
site plans, architectural documentation for improvements, sketches, and construction cost estimates please
include them with your application.
Description of proposed improvement (e.g., new doors/windows, signs, lighting, paint, etc.):
Proposed project budget ___________________ Desired completion date____________________
How much funding assistance are you requesting? _______________________________________
(Maximum financial assistance is $10,000)
Source of Funds: Percentage (%)
Amount Applied for from Town: ________________________________ ___
Amount Applied for from Bank: ________________________________ ____
Amount Provided by Applicant: ________________________________ ____
Amount Applied for from Other: ________________________________ ____
Total Sources of Funds: ________________________________ ____
Signature of applicant ___________________________________ Date ____________________
Signature of applicant ___________________________________ Date ____________________
Would you like Design Assistance (no cost to business or property owner)? o yes o no
Pre-Application Checklist
Attachments to application:
9 Building Owner approval letter (if tenant is applicant)
9 Pictures of existing façade and description of improvements
9 Preliminary Estimate of Costs
9 For New Business Start-Up: Business Plan
9 Release for Credit Check – Credit Authorization
9 Application Fee: $50 (Refundable fee if loan is approved)
3
CREDIT AUTHORIZATION
I hereby authorize Town of Frederick, Colorado to conduct credit investigations
and verifications and to obtain credit bureau reports (including consumer and/or business
credit reports) on the undersigned and any other entity of which I am a principal.
In addition, and not withstanding anything to the contrary, I also expressly
authorize the release of any financial/organizational information or data from third party
sources (Banks, Financial Institutions, Insurance Companies, Attorneys, Accountants,
Credit Unions, etc…) to Town of Frederick, Colorado upon written or verbal request.
___________ __________________________ ________________________
Date (SignDWXUH) Printed Name)
___________ __________________________ _______________________
Date (SignatuUe) (Printed 1ame)
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477 Revolving Loan Fund Documents

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Completed 12 July 2020

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