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Step 1 of 4

LNEDC Loan Application

Lafayette Neighborhoods’ Economic Development Corporation, Inc.

$25 Non-refundable application fee

MUST BE SUBMITTED WITH APPLICATION

Loan Administrator:

LNEDC

P.O. Box 4655– Lafayette, LA 70502-4655

(337) 406-1077

THE FOLLOWING INFORMATION MUST BE INCLUDED WITH APPLICATION REQUEST BEFORE YOUR LOAN APPLICATION WILL BE CONSIDERED FOR APPROVAL:

  1. A completed Loan Application.

  2. Detailed business plan, to include but not limited to:

    1. Start-up cost (if applicable) to include all written estimates from contractors and possible vendors.

    2. Executive summary.

    3. Sales projections.

    4. Marketing plan.

    5. Cash flow projections.

    6. Resumes of principles and key employees.

  3. Personal financial statements of owners (forms included in package).

  4. Federal income tax of business and/or individuals for last two tax years.

  5. List of business related indebtedness (forms included in package).

  6. Appraised value of all business and personal assets offered as collateral.

  7. If for established business, Historical Financial Statement for last 2 years.

  8. Copy of existing or proposed lease agreement.

  9. If incorporated, copy of board’s resolution to borrow requested funds.

  10. Rejection from bank or private lender, noting why project was not funded.

  11. Authorization to release information signed by all business principles.

LAFAYETTE NEIGHBORHOODS’ ECONOMIC DEVELOPMENT CORPORATION

COMMUNITY DEVELOPMENT BLOCK GRANT

PROGRAM BENEFIT REQUIREMENTS

As an applicant for a loan from Lafayette Neighborhoods’ Economic Development Corporation, Inc. utilizing HUD funds obtained from the City of Lafayette, I/we understand and agree that as a condition of the loan agreement the borrower is responsible for the following:


  1. At least 70% of jobs created or retained will be held by and/or made available to low/moderate income persons. Employer will maintain documentation by one of the following ways:

    1. For Jobs Created

      1. Completed and signed Direct Benefit Certification forms on each new employee.

      2. Certification forms for individuals referred via Joint Training Partnership Act (JTPA) employment agencies.

    2. For Jobs Retained

      1. Completed and signed Direct Benefit Certification Forms on each employee and,

      2. Evidence supporting the assertion that without LNEDC funds said business would close or project would cease.

  2. That for jobs to be considered as available to low/moderate income persons, they must not require special skills that can be acquired only with substantial training or work experience or education beyond high school.

  3. That if special skills are required, the business must agree to give first consideration to hiring unqualified persons and provide training.

  4. That the information submitted on the application is a correct and true projection of job creation/retention activities to be experienced in the two (2) years following financing.

  5. That every effort will be made to employ residents of Lafayette Parish.


I certify that the information provided in my application is true and complete to the best of my knowledge. I authorize LNEDC, the City of Lafayette, and HUD or its agents, to examine any of my records and/or procedures used for employing individuals, for the purpose of determining my eligibility for participation in the HUD-funded loan program administered by LNEDC.

Date
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Section 1: Business Profile

Type of Business Structure

Please give the following information for all principals in the company. Attach additional sheet if necessary.

Section 2: Project Profile

Section 3: Assessment of Community Benefit

Present Employment

Projected Employment To Be Created (Assuming Financial Approval)

The undersigned certifies that all statements contained in this application, including all exhibits and supplementary information provided or to be provided in connection with this loan application, are true and accurate to the best of their knowledge and belief. This information is submitted as the basis for consideration of the loan.

Signed This Day
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Application Fee
$25

Step 2 of 4

Personal Financial Statement

As of
Month
Day
Year

Complete this form if (1) a sole proprietorship by the proprietor, (2) a partnership by each partner, (3) a corporation by each officer and each stockholder with 20% or more ownership, and/or (4) any other person or entity providing a guaranty on the loan.

Multi-line address

Assets

(Describe in Section 6)

(Describe in Section 3)

(Describe in Section 4)

(Describe in Section 5)

(Describe in Section 6)

Liabilities

(Describe in Section 2)

(Total Balance & Monthly Payment)

(Total Balance & Monthly Payment)

(Describe in Section 4)

(Describe in Section 7)

(Describe in Section 8)

Section 1: Source of Income

Contingent Liabilities

**Alimony or child support payments need not be disclosed in “Other Income” UNLESS it is desired to have such payments counted towards total income.**

Section 2: Notes Payable to Banks and Others

Section 3: Stocks & Bonds

(Use Separate Sheet if Necessary)

Section 4: Real Estate Owned

(List each parcel separately. Use supplemental sheets if necessary. Each sheet must be identified as a supplement to this statement and signed.)

Section 5: Other Personal Property

Section 6: Other Assets, Notes & Accounts Receivable

Section 7: Unpaid Taxes

Section 8: Other Liabilities

Section 9: Life Insurance Held

Acknowledgments

Lender is authorized to make all inquiries deemed necessary to verify the accuracy of the statements made herein and to determine my/our credit worthiness.


(I) or (We) certify the above and the statements contained in the schedules herein are a true and accurate statement of (my) or (our) financial condition as of the date stated herein. This statement is given for the purpose of (check one of the following):


  • Inducing LNEDC to grant a loan as requested in the application, to the individual or firm whose name appears herein.

  • Furnishing a statement of (my) or (our) financial condition, pursuant to the terms of the guaranty executed by (me) or (us) at the same time LNEDC granted a loan to the individual or firm, whose name appears herein.

Date
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Step 3 of 4

Schedule of Debt

Schedule of Debt as of
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Year

Step 4 of 4

LAFAYETTE NEIGHBORHOODS’ECONOMIC DEVELOPMENT CORPORATION

Authorization To Release Information

To Whom It May Concern:


  1. I/We have applied for a loan from Lafayette Neighborhoods’ Economic Development Corporation, Inc. As part of the application process, Lafayette Neighborhoods’ Economic Development Corporation, Inc. may verify information contained in my/our loan application and in other documents required in connection with the loan, either before the loan is closed or as part of its Quality Control Program.

  2. I/We authorize you to provide to Lafayette Neighborhoods’ Economic Development Corporation, Inc. all information and documentation that they request. Such information includes, but is not limited to, employment history and income; bank, money market, and similar account balances; credit history; and copies of income tax returns.

  3. Lafayette Neighborhoods’ Economic Development Corporation, Inc. or any investor that purchases the mortgage may address this authorization to any party named in the loan application.

  4. A copy of this authorization may be accepted as an original.

  5. Your prompt reply to Lafayette Neighborhoods’ Economic Development Corporation, Inc., or the investor that purchased the mortgage, is appreciated.

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