Small Business Loan Guaranty Program

Transcription

1 Revised April 2013

2 Small Business Loan Guaranty Program Overview Created as part of the Small Business Jobs Act of 2010, the State Small Business Credit Initiative (SSBCI) was designed to help increase credit availability for small businesses. Through the SSBCI, the State of Mississippi was allocated $13.1M, which is administered by the Mississippi Development Authority (MDA) under the Small Business Loan Guaranty Program (SBLGP). The program is designed to facilitate capital accessibility for small business by providing loan guaranties to banks and other small business lenders. The program s purpose is to enable lenders to make term loans or provide lines of credit to new or existing small businesses in a difficult credit environment, which will help with the development, expansion and retention of Mississippi s small businesses. Who Is Eligible to Apply? Eligible Borrowers may include: Mississippi new or existing small business with up to 250 employees and less than $7,000,000 in gross revenues or $1,000,000 in profit after taxes. Mississippi nonprofit organizations, when the financing is for a business purpose. All Financial Institutions must be preapproved by MDA before participating in the program. Eligible participating Financial Institutions may include: Commercial Bank Savings Bank Federal Land Bank Farm Credit Bank, Agricultural Credit Association or other farm credit agency Mississippi Planning and Development Districts Community Development Corporations Community Development Financial Institutions Eligible loans/projects may include: Construction Remodeling or renovation Leasehold improvements Purchase of land, buildings, machinery and equipment New business start-up costs Working capital 2

3 Lender Participation Program Enrollment An eligible Financial Institution must be approved for participation by MDA by submitting an Application for Participation. The application document and list of required attachments will be reviewed by MDA and considered for approval for participation in the program. Lender Agreement An MDA-approved Financial Institution will be required to enter into the Small Business Loan Guaranty Program Agreement. This agreement establishes the terms and conditions of the program and obligates the lender to the meeting program requirements. Borrower Application Eligible Borrowers The borrower must be a new or existing Mississippi small business (or business locating in Mississippi). The borrower may be a Mississippi nonprofit entity, if the loan is for an eligible business purpose. The borrower must have less than 250 employees. If the borrower is an existing business, it must have earned less than either $7,000,000 in gross revenues or less than $1,000,000 in profit after taxes in the most recent completed fiscal year. All applicants must be credit worthy and demonstrate the ability to repay the loan, must be in compliance with all state and federal regulatory agencies, and must not be in default on any previous debt or obligation with the state or federal government. Eligible Loan Types/Purposes The loan proceeds must be used for a business purpose. A business purpose includes, but is not limited to, startup costs, working capital, equipment, inventory, as well as the purchase, construction renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes. 3

4 Ineligible Borrowers The borrower may not be an executive officer, director, or principal shareholder of the partnering Financial Institution or a member of the immediate family of an executive officer, director, or principal shareholder of the partnering Financial Institution. Immediate family is defined as spouse, parent, child or sibling of the applicant. The borrower may not be a business where any principal of the company has been convicted of a sex offense against a minor. The borrower may not be a business that is engaged in the following activities: Earns more than half its annual net revenue from lending activities Speculative activities that develop profits from fluctuations in price rather than the normal course of trade. Pyramid sales, where a participant s primary incentive is based on the sales made by an ever-increasing number of participants Gambling enterprises Activities that are prohibited by federal law or applicable law in the jurisdiction where the business is located or conducted Ineligible Loan Purposes and Uses Under the program, loans made for the following uses or purposes are not eligible to apply: Refinance existing debt Used in conjunction with other federal loans or guaranties Finance the acquisition, construction, improvement or operation of real property, which is to be held primarily for sale or investment, such as commercial real estate ownership Finance any business engaged in lending, directly or indirectly Finance a nonbusiness purpose Repay delinquent federal or state income taxes Reimburse funds owed to any owner, including any equity injection 4

5 Guaranty Percentage The percentage of the loan guaranty will be determined by the type of loan, and the risk profile of the loan. Working capital, lines of credit and accounts receivable loans will be eligible for a loan guaranty of fifty percent (50%). Loans to finance fixed assets, such as equipment and real estate, will be eligible for a loan guaranty of up to eighty percent (80%), based on the risk associated with the loan. To determine the percentage of guaranty approved for each loan, the guaranty application will be reviewed by MDA s Small Business Loan Guaranty Review Committee. The committee will consider credit history, experience and history of the borrower, collateral coverage, and job creation in its evaluation and will set the guaranty percentage based on these factors. Loan & Guaranty Amount The amount of the loan guaranty will not exceed eighty percent (80%) of the loan amount or $500,000, whichever is less. The minimum amount for an SBLGP eligible loan will not be less than $50,000. Guaranty Terms Working capital, lines of credit and accounts receivable loans will have a maximum guaranty term of five (5) years. Loans to finance fixed assets, such as equipment and real estate, will be eligible for a guaranty term of up to fifteen (15) years. The term will not exceed the useful life the assets securing the loan or being financed, with a maximum term of fifteen (15) years. The term of the SBLGP guaranty shall match the term of the Financial Institution s loan, up to the maximum of fifteen (15) years (amortization may exceed the loan term). Interest Rate No specific interest rate is required under the program. Interest shall be charged on the SBLGP guaranteed loan and payment terms are negotiated between the lender and the borrower. 5

6 Guaranty Application Process A borrower must first identify a partnering Financial Institution willing to participate in the SBLGP and its parameters. MDA staff may provide a list of participating lenders. The Financial Institution will originate the guaranty application for an eligible business and loan and all required documentation, including a loan narrative describing the project, an overview of the business, the purpose of the loan and the proposed use of the loan proceeds. With each guaranty application, the Financial Institution must provide MDA with a Servicing Agreement Letter, certifying to act as the collection and service agent for the guaranteed loan and agreeing to program terms and conditions. All transactions will be presented for consideration to MDA s Small Business Loan Guaranty Review Committee. The committee will review each application and determine the guaranty percentage for the loan, based on credit history, experience and history of the borrower, collateral coverage, and job creation. Once the review committee has approved a guaranty application and percentage, the guaranty commitment is valid for ninety (90) days. If the loan has not closed within ninety (90) days, updated information may be required and the loan will be resubmitted to the review committee for approval before the loan can proceed to closing. The Financial Institution may be asked to provide, in writing, all required information for the preparation of any SBLGP loan closing documents. Loan Administration Loan Closing All closing documents must be properly executed and a copy provided to MDA upon loan closing. All exhibits to the closing documents must be filed and copies sent to MDA no later than thirty (30) days from the date of the closing. Lender Fee The Financial Institution may charge the business a servicing fee, which may not exceed one percent (1%) of the SBLGP loan guaranty amount. The fee will be a one-time charge collected at the loan closing. The fee may be paid directly by the business, deducted from the SBLGP loan proceeds, or financed as part of the Financial Institution s loan. 6

7 Loan Servicing The Financial Institution will be responsible for underwriting and servicing the SBLGP loan. The Financial Institution will enforce the terms and conditions of all closing documents executed for the SBLGP Loan. Reporting The Financial Institution will report quarterly to MDA on the status of the loan. The Financial Institution will submit a loan transaction history report summarizing the current balance, payments on principal to date, payments on interest to date, and any past due statements. The Financial Institution will also complete and submit an annual report in the format to be provided by MDA. Additionally, the lender will be required to report immediately any material change in the status of the borrower or collateral. Prepayment & Loan Default The Financial Institution shall notify MDA in writing of any prepayments of the Financial Institution s loan. The Financial Institution s Loan and Note is prohibited from being sold, assigned, conveyed, sub-participated, subdivided, encumbered or otherwise transferred. MDA will consider any loan that has become delinquent, in amount equal to the required payment to be in default. In the event of a loan default, the Financial Institution will submit a claim form on the guaranty once all required collection procedures have been performed. Guaranty payments will be calculated after all collateral has been applied to the outstanding balance. The SBLGP guaranty will reimburse the financial institution for its loss, up to the percentage of the SBLGP guaranty. 7

8 Audit Guaranties made under the SBLGP are subject to audit by the State Department of Audit Waiver These Guidelines may be amended by MDA at any time. MDA, in its discretion, may temporarily waive any requirement of the guidelines to the extent that the result of such waiver is to promote the public purpose of the Act and is not prohibited by State Law. Exhibits The following Exhibits are included for your reference and use. 1. Lender Participation Application 2. Lender Participation Agreement 3. Loan Guaranty Application 4. Borrower Certification, Application Attachment A 5. Lender Certification, Application Attachment B 6. Loan Closing Settlement Sheet 7. Application Cover Letter Sample 8. Servicing Agreement Letter Sample 9. Request for Payment 8

9 EXHIBIT 1 I. LENDER INFORMATION LENDER PARTICIPATION APPLICATION Lender: Address: Contact Name: Title: Telephone: Fax: II. TYPE OF LENDER APPLICATION Planning and Development District Community Development Corp. CDC Commercial Bank Savings Bank Federal Land Bank, Farm Credit Bank Other, Explain Lender must be domiciled or qualified to do business in the State of Mississippi. 9

10 III. REQUIRED ATTACHMENTS A. DESCRIPTION OF ORGANIZATION 1. History 2. Mission Statement 3. Current Services B. PROCEDURE FOR ESTABLISHMENT AND ADMINISTRATION OF THE SMALL BUSINESS LOAN GUARANTY PROGRAM (SBLGP) C. EVIDENCE OF AGENCY CERTIFICATION AS 501(C)(3) ORGANIZATION (if applicable) D. MOST RECENT FISCAL YEAR END FINANCIAL STATEMENT Signature of Authorized Representative Date 10

11 EXHIBIT 2 MISSISSIPPI DEVELOPMENT AUTHORITY SMALL BUSINESS LOAN GUARANTY PROGRAM AGREEMENT The Mississippi Development Authority (MDA) under the authority of Section , Mississippi Code of 1972 as amended, has established the Mississippi Small Business Loan Guaranty Program (SBLGP) and has adopted Rules and Regulations as necessary to operate such program. (Financial Institution) has made application to the SBLGP and has been found by MDA to qualify as a participating financial institution. In order to participate in this program, the Financial Institution acknowledges that it is familiar with the requirements of the program and agrees to abide by all conditions set by MDA and to conform its procedures to the rules and regulations adopted by MDA for this program. The Financial Institution further declares that in making and servicing loans enrolled in the SBLGP that it will at all times exercise prudent lending practices. As the Financial Institution has agreed to be bound by the conditions and rules and regulations as adopted, or as may be adopted in the future by MDA, MDA agrees to fairly consider each application submitted requesting that a loan be enrolled in the SBLGP and, upon approval, to commit the necessary funds, as available, to the reserve account established by the Financial Institution for that purpose. The Financial Institution agrees to use prudent lending practices in making and servicing loans enrolled in the SBLGP and to exhaust all reasonable means of collecting all principal and interest from the borrower. No obligation arises for any payment under the Guaranty until all attempts by the legal means available to Lender at collection from Borrower have been exhausted and have failed. This is intended to include, but not necessarily be limited to, seizure and sale of collateral, if any, obtaining a judgment against Borrower and pursuit of a claim in bankruptcy court. In return, MDA agrees that it will fairly and within a reasonable time period respond to a request from the Financial Institution that the 11

12 reserve account for an enrolled loan be used to reimburse the Financial Institution. The Financial Institution shall not assign any loan enrolled in the SBLGP without written approval from MDA. The Financial Institution is entitled to a service fee not to exceed one percent (1%) of the SBLGP loan guarantee amount, to be collected at closing. The Financial Institution shall file with MDA, quarterly report as well as by January 15 of each year, a status report for the previous calendar year. (Forms will be provided by MDA.) The Financial Institution shall comply with all the terms and provisions of the MDA SBLGP Guidelines. MDA and the Financial Institution may alter or amend the terms of this agreement by mutual consent in writing. This Agreement shall be binding upon all parties hereto and their respective heirs, executors, administrators, successors and assigns. IN WITNESS WHEREOF, the parties hereto have executed or caused to be executed by their duly authorized officials, this Agreement on the date indicated below. MISSISSIPPI DEVELOPMENT AUTHORITY BY: NAME: TITLE: ATTEST: FINANCIAL INSTITUTION: BY: NAME: TITLE: BY: NAME: TITLE: 12

13 CORPORATE CERTIFICATE I,, certify that I am the secretary of the Corporation named as Financial Institution in the foregoing Agreement; that, who signed said Agreement on behalf of the Financial Institution was then of said Financial Institution; that said Agreement was duly signed for and on behalf of said Corporation after being duly authorized to do so. Secretary 13

14 EXHIBIT 3 Loan Guaranty Application 14

15 Loan Guaranty Application Date Received: Borrower Information Borrower Name: Borrower Address: Phone: Business Name (if different from above): Business Address (physical): Contact Person & Title: Business Description: Business Legal Organization (e.g. S Corp): Industry (6-digit NAICS Code): Most Recent Annual Revenues: Year Business Organized: DUNS Number Number of Employees: NOTE: The number of employees includes parent company and all locations unless the applicant business is a completely independent subsidiary. Will Borrower obtain and maintain required insurance coverage for outstanding balance as required by lender? Have the Borrower/Stockholders previously filed bankruptcy, been in receivership, or been discharged in bankruptcy? (If yes, attach details) Are Borrower/Stockholders delinquent on any debt to the State of MS or the Federal Government? Is Borrower (or members holding majority interest if an entity borrower) a United States citizen? Is this a new lending relationship with your institution? Has Borrower satisfied underwriting criteria established by the lender related to loans? Yes No Lender Information Lender Name: Lender Address: Contact Person & Title: Phone: Employer ID Number: Page 1 of 4 Effective 4/1/2013

16 Loan Information Loan Type: Working Capital/Inventory/Line of Credit (50% Guaranty) Fixed Assets/Equipment/Real Estate (Up to 80% Guaranty) Interest Rate: Fixed Variable Repayment Period: Repayment Terms: Guaranty Term Requested: Purpose for Use of Loan Funds: Amount Total Proposed Security: Item Description Lien Pos. Estimated Value Amount of Prior Lien Collateral Value Totals: Estimated Job Creation: Number of current employees: Estimate of new jobs created in next two years: Estimate of average annual wage for the new jobs: Estimate of jobs to be retained due to the loan: List any additional significant information related to the borrower/loan: Page 2 of 4 Effective 4/1/2013

17 Lender Credit Review Current Ratio: Collateral Coverage: Debt to Worth: Credit Score: Debt Service Coverage (including proposed loan amount): Character: Authorized Lender Representative Signature: Printed Name & Title: Date: Notes: Debt coverage ratio is defined as earnings before paying interest on all indebtedness, taxes and making allowances for depreciation and amortization divided by regularaly scheduled payments of principal and interest on all indebtedness of the borrower (including new payments). Current ratio is defined as current assets divided by current liabilities. Page 3 of 4 Effective 4/1/2013

18 Application Checklist & Certification Required Documents: Complete, signed & dated MDA SBLGP application Application Attachment A - Borrower Certification Application Attachment B - Lender Certification Narrative & completed loan package that has been approved by lender, subject to guaranty approval Lending institution's credit memorandum/analysis Description of the location of land improvement and equipment if applicable 3 year financial history (income, expenses, balance sheets) Credit Report Proposed loan agreement/note Verification of income Cash flow budget Yes No N/A The undersigned: a. certifies that all representations made in this application or information provided herein are true and complete to the best of his or her knowledge, b. certifies that the financial institution has exercised its normal due diligence in processing this loan and believes that the information provided by the borrower is true, c. believes that the loan is eligible for the guaranty and that the loan would not be made without the guaranty, d. acknowledges that it is aware that the act of providing false applicant data may subject it to penalties provided by State and Federal laws, e. has obtained assurance from the borrower that the loan proceeds are for a qualified business purpose as defined in the SBLGP Guidelines, and f. grants the State of Mississippi and its agents the right to contact individuals and organizations as the State may deem necessary to verify the accuracy and completeness of any and all applicant data. SIGNATURE/INDIVIDUALLY DATE SIGNATURE/INDIVIDUALLY DATE FINANCIAL INSTITUTION REPRESENTATIVE DATE NAME OF ENTITIY, IF APPLICANT IS LEGAL ENTITY DATE SIGNATURE OF PRESIDENT OR AUTHORIZED PERSON DATE Page 4 of 4 Effective 4/1/2013

19 EXHIBIT 4 Borrower Certification, Application Attachment A 15

20 ATTACHMENT A BORROWER CERTIFICATION FOR USE OF LOAN PROCEEDS AND SEX OFFENDER CERTIFICATION Legal Name of Small Business Loan Recipient: ( Borrower ) The Borrower hereby certifies to the [financial institution lender] the following: 1. The loan proceeds will be used for a business purpose. Business purpose includes, but is limited to, startup costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes. The definition of business purpose excludes: activities that relate to acquiring or holding passive investments, such as commercial real estate ownership and the purchase of securities; and lobbying activities, as defined in Section 3(7) of the Lobbying Disclosure Act of 1995, P.L , as amended. 2. The loan proceeds will not be used to: a. repay a delinquent federal or state income taxes unless the Borrower has a payment plan in place with the relevant taxing authority; or b. repay taxes held in trust or escrow, e.g. payroll or sales taxes; or c. reimburse funds owed to any owner, including any equity injection or injection of capital for the business continuance; or d. to purchase any portion of the ownership interest of any owner of the business. 3. The Borrower is not: a. an executive officer, director, or principal shareholder of the financial institution lender; or b. a member of the immediate family of an executive officer, director, or principal shareholder of the financial institution lenders; or c. a related interest of an such executive officer, director, principal shareholder, or member of the immediate family. For the purposes of these three borrower restrictions, the terms executive officer, director, principal shareholder, immediate family, and related interest refer to the same relationship to a financial institution lender as the relationship described in part 215 of title 12 of the Code of Federal Regulations, or any successor to such part. 16

21 4. The Borrower is not: a. a business engaged in speculative activities that develop profits from fluctuations in price rather than through normal course of trade, such as wildcatting for oil and dealing in commodities futures, unless those activities are incidental to the regular activities of the business and part of a legitimate risk management strategy to guard against price fluctuations related to the regular activities of the business; or b. a business that earns more than half of its annual net revenue from lending activities; unless the business is a non-bank or non-bank holding company Community Development Financial Institutions; or c. a business engaged in pyramid sales, where a participant's primary incentive is based on the sales made by an ever-increasing number of participants; or d. a business engaged in activities that are prohibited by federal law or applicable law in the jurisdiction where the business is located or conducted. (Included in these activities is the production, servicing, or distribution of otherwise legal products that are to be used in connection with an illegal activity, such as selling drug paraphernalia or operating a motel that knowingly permits illegal prostitution); or e. a business engaged in gambling enterprises, unless the business earns less than 33% of its annual net revenue from lottery sales. 5. No principal of the borrowing entity has been convicted of a sex offense against a minor (as such terms are defined in section 111 of the Sex Offender Registration and Notification Act (42 U.S.C )). For the purposes of this certification, Principal means the following: if a sole proprietorship, the proprietor; if a partnership, each managing partner and each partner who is a natural person and holds a 20% or more ownership interest in the partnership; and if a corporation, limited liability company, association or a development company, each director, each of the five most highly compensated executives or officers of the entity, and each natural person who is a direct or indirect holder of 20% or more of the ownership stock or stock equivalent of the entity. Legal Name: By: Authorized Signatory Name: Title: Date: 17

22 EXHIBIT 5 Lender Certification, Application Attachment B 18

23 ATTACHMENT B LENDER CERTIFICATION FOR USE OF LOAN PROCEEDS AND SEX OFFENDER CERTIFICATION Legal Name of Financial Institution Lender: ( Lender ) The Lender hereby certifies to the Participating State the following: 1. The loan has not been made in order to place under the protection of the approved state program prior debt that is not covered under the approved state program and that is or was owed by the borrower to the financial institution lender or to an affiliate of the financial institution lender. 2. The loan is not a refinancing of a loan previously made to that borrower by the financial institution lender or an affiliate of the financial institution lender. 3. The lender is not attempting to enroll the unguaranteed portions of SBA-guaranteed loans. 4. No principal of the financial institution lender has been convicted of a sex offense against a minor (as such terms are defined in section 111 of the Sex Offender Registration and Notification Act (42 U.S.C )). For the purposes of this certification, Principal means the following: if a sole proprietorship, the proprietor; if a partnership, each managing partner and each partner who is a natural person and holds a 20% or more ownership interest in the partnership; and if a corporation, limited liability company, association or a development company, each director, each of the five most highly compensated executives or officers of the entity, and each direct or indirect holder of 20% or more of the ownership stock or stock equivalent of the entity Legal Name: By: Authorized Signatory Name: Title: Date: 19

24 EXHIBIT 6 Loan Closing Settlement Sheet 20

25 MISSISSIPPI DEVELOPMENT AUTHORITY SMALL BUSINESS LOAN GUARANTY PROGRAM SETTLEMENT SHEET Please complete this form and have the borrower to sign at closing. Please return to the Mississippi Development Authority, Financial Resources Division, Post Office Box 849, Jackson, Mississippi Project Name: Loan Number: Qualified Lender: SOURCES OF FUNDING: Lender Total Project Cost: $ SBGLP LOAN FEES: Origination $ Attorney $ Small Business Loan $ Other $ Guaranty Fee 1% Other $ TOTAL $ JOB IMPACT: Existing Jobs Jobs Created Total Jobs Business Owner: Majority Ethnic Minority Female Signature of Qualified Lender Director DATE: Signature of Borrower DATE: 21

26 EXHIBIT 7 SHOULD BE ON FINANCIAL INSTITUTION LETTERHEAD Mississippi Development Authority Post Office Box 849 Jackson, Mississippi Re: Name of Financial Institution Customer Name Gentlemen: Enclosed is an application for Customer s Name to apply for an MDA Small Business Loan Guaranty Program SBLGP Guarantee. The loan request of $ then explain the terms of the loan and purpose of the loan. Collateral listed for the loan. The following documents are enclosed for you review. 1. SBLGP Loan Application 2. Original Servicing Agreement Letter 3. Required attachments to the application Should you have any questions or need additional information, please give me a call at contact number. Sincerely, Loan Officer Enclosures 22

27 EXHIBIT 8 SHOULD BE ON FINANCIAL INSTITUTION LETTERHEAD Mississippi Development Authority Post Office Box 849 Jackson, Mississippi SERVICING AGREEMENT LETTER RE: Small Business Loan Guaranty Program (SBLGP) (business enterprise) Gentlemen: In connection with the Small Business Loan Guaranty Program (SBLGP) extended to (business enterprise) by the Mississippi Development Authority (MDA), the (Financial Institution) hereby agrees to act as the collection and service agent for said loan and agrees to the following terms and conditions: (1) The Financial Institution is entitled to a service fee not to exceed one percent (1%) of the guarantee portion of the SBLGP loan to be collected at closing. (2) The Financial Institution shall file with MDA a quarterly report as well as, by January 15 of each year, a status report for the previous calendar year. (Forms will be provided by MDA.) (3) The SBLGP Loan is subject to audit by the State Auditor, and the Financial Institution agrees to cooperate with the State Auditor in the event of an audit. (4) MDA will consider any loan that has become delinquent, in amount equal to the required periodic payment, to be in default. (5) The Financial Institution shall comply with all the terms and provisions of the MDA Small Business Loan Guaranty Program Guidelines. (6) MDA and the Financial Institution may alter or amend the terms of this agreement by mutual consent in writing. ATTEST: (NAME OF FINANCIAL INSTITUTION) (Signature) By (Signature) (Title) 23

28 EXHIBIT 9 SHOULD BE ON FINANCIAL INSTITUTION LETTERHEAD MISSISSIPPI DEVELOPMENT AUTHORITY SMALL BUSINESS LOAN GUARANTY PROGRAM REQUEST FOR PAYMENT Mississippi Development Authority Attention: Financial Resources Division Post Office Box 849 Jackson, Mississippi Gentlemen: The undersigned representative of (Lender) hereby request payment on the guarantee portion from Small Business Loan Guaranty Program (SBLGP) Loan established for, Loan number SBGLP, In the amount of $. Disbursement made payable to the following (Obligation): NAME: ADDRESS: (Lender) 24

29 The undersigned hereby certify that the Obligation has been properly incurred, is a proper Charge against the SBLGP loan guaranty and has not been the basis of any previous claim. In addition, the undersigned certify that the following conditions have been met: a. The representation and warranties of the Small Business contained in the SBLGP Application are true and correct on and as of the date of this request with the same effect as if made on such date. b. The Lender has complied with all terms and conditions set forth in the Servicing Agreement Letter and any other documents or agreements executed or delivered in connection therewith. Insofar at the Obligation for which the foregoing payment is requested was incurred for materials or supplies in connection with the construction and/or equipping of the Small Business project, the undersigned further certify that such work was actually performed in general compliance with the SBLGP loan application. Date Lender Title 25