Neighborhood Economic Development Corporation

Requirements
Deadlines

NEDCO Loan Application Requirements Checklist:

	NEDCO loan application (can be downloaded from this site).
	The business must serve areas determined to be predominantly of lower or middle income (LMI). Applicants can check this requirement through the FFIEC at this address: http://www.ffiec.gov/Geocode/default.aspx
	Three-year business plan (current year and two years of projections). The plan should be complete and include information about the operations, marketing, management, competition, and financial strength of the project or company.
	If the Applicant is an existing business or project, up to three years of Tax Returns on the business. Up to three years of Tax Returns of each individual Applicant or Guarantor.
	Recent (less than 90 days old): personal financial statements on all individual Applicants. financial statements on all Guarantors. personal financial statements on each individual who owns 20% or more of a Business or project.
	A list of assets which might be offered as collateral, with an estimate of their value, and a complete description of the asset, including serial numbers, Vehicle Identification Numbers, real estate legal description as applicable.
	A Certificate of Good Standing from the Secretary of State of Arizona (when applicable).
	Copies of all relevant organizational documents (i.e. Articles of Incorporation, Bylaws, Partnership Agreements, etc.)
	Copies of all lease agreements.
	$100 application fee that must be paid when you submit the application for review.
	NOTE: NEDCO will obtain Credit Bureau Reports on all individuals owning more than 20% of the business.

NEDCO Loan Application Deadlines:

Loan Applications are reviewed by a volunteer Loan Review Committee made up of members of the banking and business communities. They meet once a month to review applications. The following is the timeline you need to keep in mind in order to have your Loan Application included for review at the next monthly LRC meeting.

THE LAST MONDAY OF THE MONTH

Your application, supporting documents and $100 application fee are due to our office

These things can be dropped off in person or mailed

Our current address is listed above (some of our documents may have an old address on them).

If you plan to bring the application packet to the office, call ahead to see that we are here.

If we are not here, leave a message for us letting us know the application will be in the locked mail box by our front door.

We are near the southwest corner of Brown and Country Club, across 10th Street from the, now closed, Banner Mesa Hospital.

Your application and documentation will receive an initial review by our Executive Director. If it is determined that you have a viable loan application that will be presented to the Loan Review Committee, your application fee will be deposited and a credit check will be pulled.

The Executive Director may request clarification, additional information and/or additional documentation.

THE FIRST FRIDAY OF THE MONTH

Applications will be sent to the Loan Review Committee Members

Committee Members have an opportunity to review the applications prior to their monthly meeting.

Any one of the Committee Members may request clarification, additional information and/or additional documentation.

THE SECOND FRIDAY OF THE MONTH

The Loan Review Committee meets as a group to discuss applications and possible loan terms

Possible Outcomes:

	Your application is accepted, as is
	An alternative financing package, that better suits your business and our risk, may be offered
	Additional documentation or action on your part may be requested, the loan application will be held for your response to the request within a reasonably established time frame.
	The application may be denied