For any questions or concerns with the application, please contact Nate Prescott - nmprescott@orem.org
Download the Guidelines, Instructions, and Document Checklist HERE
1-4. Full Date
1-6. Contact Person
1-7. Orem Address
Please supply a business plan (upload below) detailing the following information. Please provide detailed information for the following sections, as they will help our underwriter and Loan Approval Board make a more informed loan decision. A PDF outline of the Business Plan can be found here
Company
Products or Services
The Project
Detailed Market Strategy
Management
1-12. Upload your business plan here (from previous question)
2-1. Date Business Started
2-4. Date of Incorporation
2-5. Please upload copies of any affiliate/subsidiary firms/franchise agreements for your business
2-14. Was a marketing/feasibility study completed on this project?
2-15. The loan is generally secured through a lien on the home of all principals with at least 20% ownership in the company. Will you (and the other principals with at least 20% ownership) accept a lien on your home(s)? If any details or explanations are needed, please use the third option.
If the company is a corporation, please submit the following information in the Corporate Details section. All documents must be signed and dated
Download the Corporate Authorization Resolution stating that the Board of Directors authorizes the business to borrow and then upload below
2-17. Please submit the Corporate Authorization Resolution
2-18. Please submit a copy of your corporation's Articles of Incorporation
2-19. Please submit a copy of your corporation's bylaws
If your business is a partnership, please submit the following (all documents must be signed and dated) :
2-21. Please upload documentation of your Partnership Agreement
2-22. Please provide a partnership authorization regarding borrowing for the business
4-1. Please upload your business' Current Financial Statement
4-2. Please upload your business' Financial Statements from the past 3 years
4-3. Please upload copies of your business' Income Tax Return from the past 3 years
4-4. Please upload your business' Pro Forma Balance Sheets and Income Statements for the coming 3 years
4-5. Please upload your business' Pro Forma Cash Flow Projection on a monthly basis for the coming year
4-6. Please upload your business' Pro Forma Cash Flow Projection for two additional years on a yearly basis
Please download, fill out, and then submit below the following documents
4-7. Please upload the List of Current Obligations, List of Projected Obligations, Schedule of Previous Government Financing, and Purchase Order Summary (and copies of present purchase orders and contracts) here
4-10. Please upload current personal financial statements for all owners with more than 20% ownership
4-11. Please upload copies of personal income tax returns for the past 3 years for all owners with more than 20% ownership
Click Here to download and fill out the Credit Report Form
4-12. Please upload completed Credit Report forms for each principal and their spouse
Job Creation/Retention Requirements
All loan recipients agree to create or retain jobs. The specific requirements of the program are:
5-1. Current number of employees
5-2. Approximate number of permanent jobs to be created
5-3. Approximate number of permanent jobs to be retained
REPORTING AND MONITORING REQUIREMENTS
To ensure the projections and requirements are met, federal administrators require the City to make quarterly on-site monitoring visits as well as gather reports. When the projected employees have been hired and the company has met the 51% requirement, the company should notify the City. The commitment regarding job creation/retention will have been met at this point and the monitoring and reporting for this area will no longer be necessary. Until the projections are met, it will be necessary for the company to submit the following information and follow the federal schedule below:
Quarterly
The company will complete QUARTERLY:
The City will also meet with the Company quarterly to:
The Company will provide SEMIANNUALLY (Jan 1 - June 30, July 1 - Dec 31):
The Company will provide ANNUALLY:
Please download and submit the following forms as part of your application. These forms only need to be filled out once (Job Information Form must be completed by current employees and new hires as they are hired).
Please upload Job Information Forms, Current Employees Report, Projected Employees Report, Environmental Review Questionnaire, and Acknowledgement and Agreement