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Revolving Loan
Revolving Loan
Committee Members
-
Clayton, Jim M., Bruce
- Advisory - Jill Bourgois
- Advisory - Chuck Stroup
Eligible Applicants
- All Communities & Residents
- No Regard to Service Territory
Application Procedure
- Application Monthly Deadline the 15th
- Presentation at Board Meeting
- Will notify applicant within five working days of Board Decision
Eligible Projects
- Primary Sector
- Tourism
- Retail Business
- Community Facilities
- Agriculture Processing & Irrigation
Eligible Use Of Funds
- Interim or Permanent Financing
- Building Construction or Renovations
- Real Estate
- Machinery & Equipment
- Working Capital – NOT USEABLE FOR REFINANCING
Minimum Loan Size
-
$5,000
Minimum Equity
-
10%
Maximum Loan Size
- Depends on revolving fund loan balance
- Cannot exceed 75% of total project capital requirements
Eligible Collateral
- Accounts Receivable
- Inventory
- Equipment
- Federal Government Securities
- Letters of Credit
- Real Estate
- May Require Hazard and Life Insurance
- Can Subordinate Security Position
Length of Loan
- Building & Real Estate 10 years
- Equipment 5-7 years
- Working Capital 1-3 years
- May Defer Principal Up To 2 years
Interest Rates
- From 0 to Maximum Rate of Prime as Published in the Wall Street Journal
Return to Oliver-Mercer
- 1% Loan Servicing Fee on the Outstanding Loan Principal on the First Day of Each Year on Each Loan.
- All Staff Members Will Need to Keep Track of Time Committed. If 1% Service Fee Does Not Cover Expenses, O-M Can Charge Up To 10% for Operation Expenses.
Applicant Responsibility
- Provide Year-End Balance Sheet
- Provide Income and Expense Statement
GM Reports to Board
- All Loans Annually
- Problem Loans Quarterly
