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Economic Development Loan Fund Application


This loan fund application requires some time to complete, however the form does not need to be completed in one sitting. You will be able to start the form, save and resume it at a later time by clicking the gray Save Answers and Resume Later bar at the bottom of each page.

This application does require the upload of the financial documents listed below. Please have these documents ready for upload or to be submitted to the
Hutchinson City Center, 111 Hassan Street SE, Hutchinson, MN 55350 before completing the application.

Please contact (320) 234-4223 with any questions.

The following documents must be submitted in order to apply:

  • Business Plan
  • Business Financial Profit & Loss Statements (3 years previous & most recent)
  • Business Financial Balance Sheets (3 years previous & most recent)
  • Pro-forma Profit & Loss Statements (3 years projections)
  • Pro-forma Balance Sheets (3 years projections)
  • Resumes of Principals
  • Most recent Business Income Tax Statement
  • Evidence of Payroll Tax Payment
  • Evidence of Worker’s Compensation Insurance
  • Verification of no outstanding judgements or tax liens against
  • Appraisals / Proposed Lease / Purchase Agreement(s) (as appropriate)
  • Commitment Letter(s) from all other project funders (stating terms and conditions of financing)
  • Corporate / Partnership Authorization (if applicable)

At the end of the application, you will be asked to complete a secure Personal Financial Statement.

All owners holding 20% or more of the Company are required to submit a secure Personal Financial Statement.

Due to the security of the information provided, you will not be able to stop and restart the Personal Financial Statement. If you are unable to complete the statement at this time,
you can also find a link to the Personal Financial Statement on our website at http://hutchinsoneda.com/industrial-manufacturing-programs/

General Business Information

Please fill out as completely as possible. Not all fields may be applicable to your business; if so, leave those blank.

Address
Incorporation/Organization Date
Select One
Contact Person

Business Ownership

Please list all persons having more than 20% ownership stake in the company.

NOTE: All business owners that have more than 20% ownership stake in the company are required to complete a secure Personal Financial Statement. You will be given a link to this statement when submitting this form or a link to the secure Personal Financial Statement can be found on our website at http://hutchinsoneda.com/industrial-manufacturing-programs/


Business Owner 1

Business Owner 2

Name
Name
Address
Address

Business Owner 3

Business Owner 4

Name
Name
Address
Address

Loan Request

Project Information

Type of Project

Estimated Dates for Project Tasks

Commitment of all Funds
Completion of Site Work
Start of Construction
Equipment Purchased
Construction Completed
Operations Begin

Project Financing

Use of EDA Funds

Property Acquisition

$
$

Site Improvements

$
$

New Construction

$
$

Building Renovation

$
$

Machinery & Equipment

$
$

Working Captial

$
$

Other Project Costs

$
$


Total Project Costs

$
$

Financing Detail

Please fill in the amounts needed for each of the categories in this financial detail section.

Hutchinson EDA

Bank

Equity

Amount

% of Project Costs

Term of Loan

Amortization (if different from term)

Interest Rate

Monthly Payment

Lien

Approved?

Other Lender or Lenders?

Lender 1

Lender 2

Amount

% of Project Costs

Term of Loan

Amortization (if different from term)

Interest Rate

Monthly Payment

Lien

Approved?

Collateral Detail


$

Job & Wage Goals

Applicant agrees to create the following full-time / FTE jobs within two years as a result of this loan.

Job 1


Job 2


Job 3


Job 4

List another job


Job 5

List another job


Job 6

List another job


Job 7

Job Creation Timetable

Indicate job titles and number of that job for each quarter in which the new jobs are projected to be created after receipt of the loan. Indicate if they are predicted to be created in year 1 or year 2.

Year 1 Jobs

Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Add Another Job?


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Add Another Job?


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Add Another Job?


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Add Another Job?


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Year 2 Jobs

Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Add Another Job?


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Add Another Job?


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Add Another Job?


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Add Another Job?


Projected quarter in which these jobs are to be created - (list the number of this job title for each quarter)

Project Contacts

Bank

Contact Person
Address


Other Lender

Contact Person
Address


Other Lender

Contact Person
Address


Accountant

Contact Person
Address


Attorney

Contact Person
Address

Attachments

The following documents must be submitted either by uploading the files or dropping off copies of the documents at the Hutchinson City Center in order to complete the application.
Please call (320) 234-4223 with questions.


Hutchinson City Center
111 Hassan Street SE
Hutchinson, MN 55350

The following documents must be submitted to apply. See explanations below for more details.
Upload your files by clicking here. DO NOT UPLOAD PERSONAL FINANCIAL STATEMENTS HERE. A SECURE LINK WILL BE PROVIDED WHEN YOU SUBMIT THIS FORM.
No File Chosen
File uploads may not work on some mobile devices.
If you are unable to upload any of the items, please select a reason below
Incomplete applications will not be presented for consideration

Business Plan

Your Business Plan should include:

  • History & Description of Business
  • Ownership
  • Management/Management experience
  • Products/Services
  • Marketing Plan
  • Future Plans

Business Financial Statements

Please provide independently prepared financial statements, prepared according to Generally Accepted Accounting Principles (GAAP). Small businesses without an accounting firm may request an exemption from the requirement for independently prepared financial statements from the EDA Finance Team.

Pro-forma Financial Statements

Please provide pro-forma Profits & Loss Statements and Balance Sheets for the next three years. Define assumptions used to derive the projections.

Verification of No Outstanding Judgements or Tax Liens Against

Letters from the County Auditor or Treasurer of each county where the applicant(s) have lived and done business verifying that there are no outstanding judgements or tax liens against the business, property or owners of the business.

Personal Financial Statements of Principals

All owners holding 20% or more of the Company are required to submit the a Personal Financial Statement providing current, signed and stated personal financial statements on all principles with a financial interest in the business. Include notes indicating the basis of value on the assets (market value or acquisition cost) and explanations of other entries (notes payable, receivables, stocks, etc.). Financial statements should be from within 90 days of filing this application. Due to the sensitive information being collected, you will be linked to a secure Personal Financial Statement form when you submit this form. If you are unable to complete the secure form at the time of submitting this form, you may find a link to it on our website at http://hutchinsoneda.com/industrial-manufacturing-programs/

Agreement

Applicant(s) acknowledge and agree to the following:

  1. All jobs must be created within the time frame specified in the development agreement.
  2. Immediate repayment of the “per job cost” (plus interest) will be made for each job described above that is not created within the agreed upon time frame.
  3. Immediate repayment of the entire outstanding balance of any loan provided as public financial assistance will be made if the business relocates outside the corporate limits of the City of Hutchinson, Minnesota.
  4. Documentation must be provided to the Hutchinson Economic Development Authority showing the number and types of jobs created by each anniversary of the effective date of the public financial assistance until such time as job creation goals are met and any loan provided by the Hutchinson EDA is paid off.
  5. Company financial documents will be available for inspection by the Hutchinson Economic Development Authority upon request.
  6. The Hutchinson EDA is a governmental entity and as such must provide public access to any public data it possesses. Please see Minnesota Statutes 13.59. Following review by the EDA Finance Team and the EDA Board of Directors, any financial statements, credit reports, income & expense projections and balance sheets submitted as part of this application will be immediately returned to the applicant and will not be kept on file with the Hutchinson EDA.
  7. All developers / businesses receiving financial assistance from the Hutchinson EDA shall be subject to the provisions and requirements set forth by the City of Hutchinson’s Business Subsidy Policy as amended, and by Minnesota Statutes Sections 116J.993 to 116J.995 (the “Minnesota Business Subsidy Law”)
  8. The Hutchinson EDA, EDA Finance Team and EDA staff are authorized to check credit references and verify financial and other information pertaining to this application.
  9. The Hutchinson EDA may deny any request for public financial assistance if, at its sole discretion, it deems that any application fails to sufficiently meet the criteria established to qualify for such assistance.
  10. By signing this application for public financial assistance, the owners of the business hereby certify that the project would not occur, or would not occur in its current form, but for the provision of said public assistance.

I AGREE with and UNDERSTAND the following.

I agree to abide by all requirements of this application and certify that all information provided to the Hutchinson Economic Development Authority for this project is true and correct to the best of my knowledge and belief.
Date

BEFORE SUBIMTTING THIS FORM -

When this form is submitted, you will be linked directly to a secured Personal Financial Statement form. All owners holding 20% or more of the Company are required to submit the a Personal Financial Statement providing current, signed and stated personal financial statements on all principles with a financial interest in the business. Include notes indicating the basis of value on the assets (market value or acquisition cost) and explanations of other entries (notes payable, receivables, stocks, etc.). Financial statements should be from within 90 days of filing this application.

Due to the sensitive information being collected, security settings require you to complete this secured form in one sitting - you will not be allowed to start it, save and resume it at a later time. If you are unable to complete the Personal Financial Statement now, you may cancel out of it and find a link to the Personal Financial Statement on our website at http://hutchinsoneda.com/industrial-manufacturing-programs/

Please remember that ALL owners holding 20% or more of the Company are required to submit a Personal Financial Statement.

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