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NewAllen Alliance
Eligible Entity Information
Eligible business entities
are businesses or organizations that are:
A) Recommended by the
NewAllen Alliance Board member representing the Community where the business
is.
B) A loan to a business or
organization will be granted based upon complete confidence in the
borrower's honesty and integrity (Character); reasonable confidence
in the borrower's ability to repay the loan (Capacity); satisfaction
that the borrower has adequate financial resources to weather
adverse conditions (Capital); satisfaction with the general trends
in the economic climate the borrower operates within that the
borrower will have the capacity to repay the loan (Conditions); the
borrower can offer satisfactory collateral to secure the loan with
the loan being no more than 75% of the collateral being offered.
C) Borrowers must be Sole
Proprietors, Partnerships, IRS recognized Not for Profit
Associations, For Profit Corporations or Not for Profit
Corporations.
D) Borrowers must meet all
Federal, State, and Local laws, Zoning ordinances and regulations
such as ADA, Environmental laws and Flood Plain certification.
E) Loans must be made for
constructive economic purposes and not for the purpose of
Speculation.
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