Community Development Investment Program (CDIP) for CDCUs SECONDARY CAPITAL I APPLICATION Date: Credit Union: Charter Number: Contact Person: Title : Telephone: ( ) Fax: ( ) E-mail Mailing Address: Secondary Capital Loan Application Fee Schedule Please forward payment of application fees to the National Federation of Community Development Credit Unions (NFCDCU), -3063. Type of Application Application Fee New Requests from Non-Secondary Capital Investees $250 Extension Requests from Current Federation Secondary Capital Investees $150 New Requests from Current Federation Secondary Capital Investees $150 1. CREDIT UNION PROFILE. Is your credit union a Federation member?* Yes No* Is your credit union low-income designated?* Yes No, but our application is pending No** Is your credit union CDFI certified?* Yes No, but our application is pending No *Please note that while any credit union may apply for secondary capital, only Federation members will receive funding from the Community Development Investment Program. By completing this application, your credit union is committing to becoming a member of the Federation and maintaining membership throughout the term of the loan if your credit union receives and accepts and funding commitment from CDIP. ** NCUA regulations only allow credit unions with low-income designation to receive secondary capital. Please indicate your charter type and field of membership.. Indicate the development products and services your credit union currently offers:
Second Chance Checking Club Account/Restricted Savings Debit Card Credit Card Online Banking Mobile Banking Financial Education ITIN Loans Business Counseling Small Business/ Microfinance Loans Credit Builder/Share Secured Loans Small Dollar ($1000 or less) Loans Unsecured Personal Loans Debt Consolidation Loans Anti-Predatory Loans (i.e. alternative to payday loans) Mortgage Loans Financial Counseling First Time Homeowners Counseling Housing Counseling Other (Please list below): Indicate the development products and services your credit union intends to offer: Second Chance Checking Club Account/Restricted Savings Debit Card Credit Card Online Banking Mobile Banking Financial Education ITIN Loans Business Counseling Small Business/ Microfinance Loans Credit Builder/Share Secured Loans Small Dollar ($1000 or less) Loans Unsecured Personal Loans Debt Consolidation Loans Anti-Predatory Loans (i.e. alternative to payday loans) Mortgage Loans Financial Counseling First Time Homeowners Counseling Housing Counseling Other (Please list below): 2. AMOUNT REQUESTED. (Please consider how the additional funds and associated costs will affect your assets and liability management. Eligible credit unions qualify for up to $500,000. Terms range from 5-7 years) Amount $ Rate: 5%-6% Requested Term: (Maximum 7 years) *If applying for an extension, please submit a statement specifying reason for request. Page 2
3. 3-5 YEAR COMPREHESIVE BUSINESS PLAN. (See Federation s Guide to Writing Your Business Plan.) Describe in detail the neighborhood or community you serve: its special problems, its needs, and its goals. Describe your credit union's accomplishments in serving your community, your overall growth plans and how, specifically, the Federation s Secondary Capital you requested will help you meet the goals and needs of your community. Are there any loans that your credit union feels made a difference in the community or to individuals? Include realistic annual financial projections for the period described, and please remember the interest payments on the amount of Secondary Capital requested. 4. LOAN POLICIES AND PROCEDURES. (Credit Unions must have at least 3 years of lending experience to be eligible to receive secondary capital from the Federation.) Please describe in detail how you make and monitor your loans. Describe how you collect on delinquent loans. Please provide copies of your loan and collections policies and/or procedures. 5. Please estimate the percentage of your loan dollars used for the following purposes: % Housing (renovation, rehabilitation, or purchase) % Small, minority, or women-owned business % Personal (medical, household, etc.) % Education % Non-profit organizations % other type: ( ) 6. Please estimate the percentage of your membership that falls within the following categories: Asian-American % Female % Black % Male % Hispanic % Public Assistance Recipients % Native American White Other % % % Page 3
7. Please estimate the percentage of your membership that falls within the following family income levels: % Less than $10,000 % Equal to or greater than $10,000, but less than $20,000 % Equal to or greater than $20,000, but less than $30,000 % Equal to or greater $30,000, but less than $40,000 % Equal to or greater than $40,000 The above income levels are based on individual income or household income. 8. ADDITIONAL CONTACT INFORMATION. Please provide contact information for all of the following officers: CEO / President / Manager Name: Signature: Home Phone: ( ) Cell Phone: ( ) Personal E-mail Home Address: Board President / Chair Name: Signature: Home Phone: ( ) Cell Phone: ( ) Personal E-mail Home Address: Board Secretary Name: Signature: Home Phone: ( ) Cell Phone: ( ) Personal E-mail Home Address: Page 4
I certify that the information in this application is accurate to the best of my knowledge. By completing this application and signing below, my credit union is committing to becoming a member of the Federation and maintaining membership throughout the term of the loan if it receives and accepts and funding commitment from CDIP. Name Title Date Page 5
Community Development Investment Program for CDCUs SECONDARY CAPITAL APPLICATION- CHECK LIST Please use the following as a checklist for required documentation for the Secondary Capital Loan application. If the following information is not provided, your application will be considered incomplete. 1. Federation s Secondary Capital Loan Application (this form). 2. 3. 4. 5. 6. 7. 8. 9. 10. Comprehensive 3-5 Year Business Plan. Please include detailed and feasible financial projections. (Please remember to include the cost of these borrowed funds.) Loan Policies and Procedures. (You must have 3 or more years of lending experience to be eligible.) Delinquency and Collection Policies and Procedures. Allowance for Loan and Lease Losses Policies and Procedures. Most Recent Monthly Financial and Statistical Report. It must include all loan and delinquency information. Resumes of key management personnel and lending officer(s). Copy of each for the last two years annual fiscal statements audited by an independent certified public accountant and/ or Supervisory Committee. Copy of your Charter (Indicating your Field-Of-Membership) Any additional material which you feel will help us to better understand your credit union and your community. This may include brochures, newspaper articles, etc. THANK YOU FOR YOUR COOPERATION Please return all documentation to: Attn.: Community Development Investment Program Tel: (800) 437-8711 Fax: (212) 809-3274 Email: cdinvestment@cdcu.coop If you have any questions, please contact the Community Development Investment Program at (800) 437-8711 or (212) 809-1850 Page 6