Fillable Suffolk County First Generation Transit Oriented Development Retail (Suffolk County Government)

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Suffolk County First Generation Transit Oriented Development Retail (Suffolk County Government)

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Su
ffolk County First Generation TOD Retail Loan Program
Suffolk County
First Generation Transit Oriented Development Retail Revolving Loan Fund
(“TOD Retail RLF”)
The Suffolk County Economic Development Corporation (SCEDC) has established a revolving loan fund to provide
reasonably priced capital for retail businesses seeking to operate in retail spaces located in transit oriented
developments throughout Suffolk County. The general details of the program are as follows;
Administrator
Suffolk County Economic Development Corporation (SCEDC) with
assistance from the National Development Council (NDC).
Loan Size
$20,000 to $75,000. Loans may be senior credit facilities or subordinated
credit facilities to other commercial loans from participating banks.
Eligible borrowers
Retail and service businesses locating within designated redevelopment
areas and considered part of a transit-oriented development. The applicant
business must have at least eighteen months of operations and a year-
ending financial statement.
Ineligible borrowers
Start-ups and Not-for-profit organizations.
Eligible use of proceeds
•
Tenant and site improvements
• Machinery and equipment
• Working capital
Term
Coterminous with lease and not to exceed ten (10) years in any instance.
o Interest-only in year one
o Self-amortizing years two through end of term
Most loans will have a term of five (5) years.
Rate
Fixed rate of 3%.
Fees
Loan fees shall be payable by the Applicant in the amounts and as provided
in the policies and procedures.
Loan Participation
Encouraged but not required.
The SCEDC loan can be structured subordinate to another commercial
bank’s loan, if needed.
Collateral
While the TOD Retail RLF Program will primarily be a cash flow loan
program, prudent lending standards require it to secure a loan with
general security agreement, UCC filings, and a perfected lien on business
assets.
Personal and other Guarantees
Yes. By all owners who own 20% of more of business. All loans will also be
guaranteed by commercial property owner.
Suf
folk County First Generation TOD Retail Loan Program
Application Contents
• Small Business Loan Intake Form (attached)
• Project Description: a short narrative (less than one page) description of the project and its intended outcomes and a
proposed Sources and Uses of Funds supported by cost estimates and/or invoices.
• Leas
ehold improvement estimates from contractor and machinery and equipment estimates.
• Most recent Business and Personal Tax Returns (please provide entire copy) for primary business applicant and any
affiliated companies.
• Bus
iness Financial Statements: Applicant must have been in operation generating revenue for at least 18 months and
minimally submit an accountant-prepared year-end financial statement plus interim (compiled or reviewed
statements are satisfactory)
• If the Applicant has been in operation for less than 18 months, there must be a verifiable secondary source of
income and reasonable personal expenses to permit the business to operate without undue pressure from
personal responsibilities.
• Pers
onal Financial Statement (attached): Must be completed for all owners who own 20% or more of business. Must
be less than 60 days.
• Fina
ncial Statement of Property Owner: Applicant must arrange to send the most recent year-end financial statement
for property owner as the property owner will be required to provide a guarantee on the loan. The property owner
can send under separate cover.
• Cred
it Release Form (attached): authorizing SCEDC and/or NDC to check the applicant’s credit.
• Letter of Intent to Lease: Signed by Landlord and applicant.
• Verific
ation of Taxes Paid: The applicant must submit documentation verifying that the Applicant is current on its
income and payroll taxes.
• Proj
ections and Business Plan; Simple projection that demonstrates the intended impact of the financing and a copy
of the pre-existing business plan, if available.
• Res
ume (attached): Resume of the owner(s) and key employees that demonstrate related management experience.
• Two
references: From two enterprises that do business with the Applicant.
You may reach out with questions or submit these items to:
Email:
SuffolkEDC@suffolkcountyny.gov
Telephone: (631) 853-4800
Mailing Address: Suffolk County Dept. of Economic Development and Planning
100 Veterans Memorial Highway, 11th Floor
Hauppauge, NY 11788
Su
ffolk County First Generation TOD Retail Loan Program
BY SUBMITTING THIS APPLICATION, UNDERSIGNED (“APPLICANT”) ACKNOWLEGES THAT IT UNDERSTANDS
THAT ANY LOAN TO APPLICANT PURSUANT TO THE SUFFOLK COUNTY ECONOMIC DEVELOPMENT
CORPORATION'S FIRST GENERATION TRANSIT ORIENTED DEVELOPMENT RETAIL REVOLVING LOAN FUND (TOD
RETAIL RLF) PROGRAM IS SUBJECT TO ELIGIBILITY REQUIREMENTS, AVAILABILITY OF FUNDS, THE
DISCRETIONARY EVALUATION OF APPLICANT’S APPLICATION BY THE SUFFOLK COUNTY ECONOMIC
DEVELOPMENT CORPORATION (SCEDC), ITS STAFF AND/OR ITS LOAN COMMITTEE AND APPLICANT’S
ENTERING INTO THE SCEDC’S LOAN DOCUMENTATION INCLUDING VARIOUS REPRESENTATIONS AND
COVENANTS THERIN THAT THE SCEDC MAY REQUIRE AT ITS DISCRETION.
THE SCEDC IS NOT OBLIGATED TO PROVIDE ANY RESPONSE AND MAY NOT PROVIDE ANY RESPONSE TO THIS
APPLICATION NOR TO LEND ANY FUNDS AND MAY NOT LEND ANY FUNDS TO APPLICANT.
THE SCEDC AND ITS RESPECTIVE OFFICERS, EMPLOYEES AND AGENTS SHALL HAVE NO LIABILITY TO APPLICANT
OR ANY THIRD PARTY DUE TO THE ITS DECISION TO NOT LEND ANY FUNDS TO APPLICANT. APPLICANT
RELEASES AND SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS THE SCEDC AND ITS RESPECTIVE OFFICERS,
EMPLOYEES AND AGENTS, OF AND FROM ANY CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS, JUDGMENTS,
INJURIES, LOSSES, DAMAGES AND COSTS AND EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE
LEGAL FEES) RESULTING FROM (I) ACTS, CONDUCT OR RELIANCE OF APPLICANT UNDER, PURSUANT OR
RELATED TO THIS APPLICATION, (II) APPLICANT'S BREACH OR VIOLATION OF ANY REPRESENTATION,
CONTAINED IN THE APPLICATION.
Suffo
lk County First Generation TOD Retail Loan Program
Intake Form
Applicant Information
Name: Phone: U.S. Citizen? □ Yes □ No
Business Legal Name: DBA:
Business Street Address:
City: State: Zip:
Email: Website:
New Retail Establishment Information
Name of New Business:
(if applicable)
Address of New Business:
Name of Property Owner:
Contact Person:
Busin
ess Characteristics
Industry: □ Retail □ Services □ Food/Restaurant □ Other
Entity Type: □ C-Corp □ S-Corp □ LLC □ Partnership □ Sole Proprietorship □ Nonprofit □ Other
Brief Description of Business:
Year Business Established: Owner (Optional): □ Minority □ Woman □ Veteran □ Living with Disabled
Previous Years Gross Revenue: $ YTD Revenue: $ Months
Net Income: $ Current Full Time Employees: Projected Employees:
Referral Source (Name, Organization): Date:
Su
ffolk County First Generation TOD Retail Loan Program
Uses of Funds Amount Sources of Funds Amount
Leasehold Improvements $ Bank Loan (if any) $
Machinery and Equipment $ TOD Retail RLF $
Working Capital $ Owner Equity Contribution $
Other $ Other $
TOTAL $ TOTAL $
Current Bank Relationship:
Comments (Optional):
Credit and Loan Information
Suff
olk County First Generation TOD Retail Loan Program
I/We hereby request and authorize you to release to the National Development Council (NDC) on behalf of Suffolk
County Economic Development Corporation, for verification purposes, personal and corporate credit reports and
information concerning the
company/corporation/partnership and/or the officers and individuals listed below. That
information may include but is not
limited to:
a. Employment history dates, title, income, hours worked, etc.
b. Banking (checking and saving) accounts of record
c. Mortgage loan rating (opening date, high credit, payment amount, loan balance, and payments)
d. Any information deemed necessary in connection with a consumer credit report for my loan application
This inf
ormation is for the confidential use of this lender in compiling a loan report. A
photographic or carbon copy of this
authorization (being a photographic or carbon copy of the signature(s) of the
undersigned), may be deemed to be the
equivalent of the original and may be used as a duplicate original.
Date:
Application Information
Business Name:
Phone Number:
Affiliated Business:
Phone Number:
Individual 1
Name of Officer/Owner:
Address for last two Years:
Social Security #: Date of Birth:
Signature: X
Individual 2
Name of Officer/Owner:
Address for last two Years:
Social Security #: Date of Birth:
Signature: X
Individual 3
Name of Officer/Owner:
Address for last two Years:
Social Security #: Date of Birth:
Signature: X
Personal Financial Statement
As of __________________________, 20____
Complete this form for (1) each proprietor, or (2) each limited partner who owns 20% or more interest, and each general partner, or (3) each stockholder owning 20%
or more of voting stock, or (4) any other person or entity providing a guaranty of the loan.
Name
Business Phone
( )
Residence Address
Residence Phone
( )
Business Name of Applicant/Borrower
Business Phone
( )
ASSETS
LIABILITIES
Cash on hand and in banks
$
Accounts Payable
$
Savings accounts and CDs
$
Notes Payable (Section 2)
$
IRA or other Retirement Accounts
$
Auto Loans – Monthly Payment $____________
$
Accounts & Notes Receivable
$
Credit Cards – Monthly Payment $____________
$
Life Insurance – Cash Value only (Section 8)
$
Other Installment Loans (Section 5)
$
Stocks & Bonds (Section 3)
$
Loan on Life Insurance
$
Real Estate (Section 4)
$
Mortgages on Real Estate (Section 4)
$
Automobile Yr./Make ______________
$
Unpaid Taxes (Section 6)
$
Automobile Yr./Make ______________
$
Other Liabilities (Section 7)
$
Other Personal Property (Section 5)
$
Total Liabilities
$
Other Assets (Section 5)
$
Net Worth
$
Total Assets
$
Total Liabilities & Net Worth
$
Section 1 – Source of Income
Contingent Liabilities
Salary
$
As Endorser or Co-Maker
$
Net Investment Income
$
Legal Claims & Judgments
$
Real Estate Income
$
Provision for Federal Income Tax
$
Other Income (Describe below)
$
Other Special Debt
$
Description of Other Income in Section 1
Note: Alimony or child support payments need not be disclosed in Other Income unless it is desired to have such payments counted in total income.
Section 2 -- Note Payable to Bank and Others (Use attachments as necessary. Each attachment must be identified as a part of the statement, signed and dated.)
Name and Address of Noteholder(s)
Original
Balance
Current
Balance
Payment
Amount
Payment
Frequency
How Secured or Endorsed
& Type of Collateral
SCEDC Loan Fund Application_Rev.101617_JK
SC
EDC Loan Fund Application_Rev.101617_JK
Section 3 – Stocks & Bonds
(Use attachments as necessary. Each attachment must be identified as a part of the statement, signed and dated.)
Number of
Shares
Name of Securities
Cost
Market Value Quotation
Or Exchange
Date of Quotation
Or Exchange
Total Value
Section 4 – Real Estate Owned
(List each parcel separately. Each attachment must be identified as a part of the statement, signed and dated.)
Type of Property
Address of Property
Date
Purchased
Original
Cost
Present
Market
Value
Mortgage
Balance
Monthly
Payments
Monthly
Rental
Income
Name & Address of
Mortgage Lender
Section 5 – Other Personal Property & Other Assets including business investments not described above
(Describe, and if any is pledged as security,
provide details of debt in Section 2 above. If assets are pledged for the debt of others, state name and address of lienholder, amount of lien, terms of payment, and if
delinquent, describe delinquency.)
Section 6 – Unpaid Taxes (Describe in detail: type, to whom payable, when due, amount, and to what property, if any a tax lien attaches.)
Section 7 – Other Liabilities
(Describe in detail.)
Section 8 – Life Insurance Held
(Give face amount and cash surrender value of policies, name of insurance company and beneficiaries.)
I authorize SCEDC to make inquiries as necessary to verify the accuracy of the statements made and to determine my creditworthiness. I certify
that the statements contained in the attachments and above are true and accurate as of the stated date(s). These statements are made for the
purpose of either obtaining a loan, equity capital, a guaranty or some other financial accommodation. I understand FALSE statements may result in
forfeiture of benefits and possible prosecution.
Have you ever filed bankruptcy? _________Yes _________No Do you have a will? _________Yes _________No
Do you have life insurance? _________ Yes _________No Do you have disability insurance? _________ Yes _________No
Signature: Date: Social Security #:
Signature: Date: Social Security #:
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Suffolk County First Generation Transit Oriented Development Retail (Suffolk County Government)

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Completed 6 August 2020

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