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PARTICIPATING LENDING INSTITUTIONS(S) <br /> 1. Participating lending institutions(s) shall be determined by the HEDF and applicant. <br /> 2. Participating lending institutions(s) shall cooperate with the City and assist in carrying out <br /> the policies of the HEDF as approved by the City Council. <br /> 3. Participating lending institutions(s) shall analyze the formal application and indicate to the <br /> City the level at which the lending institution will participate in the finance package. <br /> LOAN APPLICATION ADMINISTRATIVE PROCEDURES <br /> The City desires to make the HEDF loan application process as simple as possible. However, <br /> certain procedures must be followed prior to the City consideration of a loan request. Information <br /> regarding the program and procedures for obtaining a loan are as follows: <br /> Cily Staff Duties: <br /> The City Clerk shall carry out HEDF operating procedures as approved by the City and Council or <br /> a designate, shall carry out HEDF procedures as approved by the City. Staff is responsible for <br /> assisting businesses in the loan application process, and will work closely with applicants in <br /> developing necessary information. <br /> Application Process: <br /> L Applicant shall complete a preliminary loan application. Staff will review application for <br /> consistency with the policies set forth in the HEDF Guidelines. Staff consideration of the <br /> preliminary loan application should take approximately one week. <br /> Staff will ask applicant to contact a lending institution regarding financing needs and <br /> indicate to applicant that further action by the City on the potential loan will require <br /> indication of support from a lending institution. <br /> 2. If applicant gains initial support from lending institutions, and if the preliminary loan <br /> application is approved, applicant is then asked to complete a formal application. If staff <br /> does not approve the preliminary loan application, the applicant may request that City <br /> consider approval of the preliminary application at the next regularly scheduled meeting of <br /> the City Council. <br /> 3. If the preliminary loan application is approved, applicant shall complete a formal <br /> application. Formal application shall include a business plan that will include its <br /> management structure, market analysis, and financial statement. Like documentation <br /> necessary for obtaining the bank loan associated with the proposal is acceptable. Attached <br />