Loan Application

Loan Application. The application to be submitted by an applicant must include: A. A detailed description of the project and narrative explaining how the specific improvements will affect economic development and/or job creation in the area, together with supporting documentation, to include a detailed map showing the location of the proposed project. Maps must explicitly correspond to the proposed scope of activities within the project. Applications must include a general vicinity map and a project specific map, including before and after pictures. B. Engineering Cost Estimates: Include a general cost estimate. Cost estimate must be submitted by an engineer or architect on their letterhead as a signed and stamped original. A limited amount of funds may be used for engineering/architectural cost. The amount of these professional services will be limited to an amount not to exceed 10% of the loan award amount. C. The estimated cost of the total project with a detailed breakdown of all public and private sources of funding. D. The time schedule for implementation and completion of the project, evidencing an expeditious completion of the project. E. Submit company balance sheets, income statements and statements of cash flow for the previous three (3) fiscal years and current statements dated within ninety (90) days of application or a letter of credit, from a federally insured financial institution. F. A statement of willingness to comply with non-discrimination and equal employment opportunity requirements. G. Signed Source and Use of Funds Disclosure Form. H. No approved applicant will be allowed to use excess funds to pay for the project costs that vary from the original project description. I. All requested changes and variances from the original application should be made in writing and will be reviewed by MDA on a case by case basis. J. Submit a complete Budget Sheet. Miss. Code Ann. § 57-40-1 et. seq. (1972, as amended).