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City of Lakewood <br />CPR Program Guidelines <br /> Page 2 <br /> <br />RATE OF INTEREST: <br />COLLATERAL: <br /> <br />GUARANTEES: <br /> <br />OTHER CRITERIA: <br /> <br />Beginning in the seventh month, the repayment amount shall <br />be in equal monthly payments. <br /> <br />O% <br /> <br />First or second position on the building, machinery, <br />and equipment. <br /> <br />Personal guarantees from the company owners. <br /> <br /> - Demonstrated ability to complete the project and <br /> repay the debt. <br /> - Applicant must complete improvements within one <br /> year of loan approval. <br /> - All property taxes must be paid up to date at loan <br /> closing. <br /> - Detailed cost estimates. <br />- Commercial buildings must be inspected (both <br /> interior and/or exterior) by the City: <br />- Applicant must adhere to City Design/Architectural <br /> Review Procedures. <br />- Applicant must comply with Federal Davis Bacon <br /> Wage Act as applicable. <br />- Should residential units exist above commercial <br /> building, applicant must comply with applicable <br /> Federal Lead Paint Regulations. <br />- City may allow sidewallc/streetscape improvements <br /> as part of the project should it be necessary. <br /> <br />APPLICATION AND REVIEW PROCESS <br /> <br />Interview potential applicants to determine eligibility, identify potential loan structure, <br />and determine overall debt service capacity. <br />A_tier the initial interview, applications must provide the following information: · Project cost summary or estimates <br /> · Business/company historical financing statement <br /> · Projections of future revenues <br /> <br />B) <br /> <br />Prepare a loan package which includes, but is not limited to, the following: · Loan application <br /> · Summary of project <br /> · History of business <br /> · Benefits to business <br /> · Written cost estimates <br /> · Financial projections <br /> · Resumes <br /> <br /> <br />