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NECOG
DEVELOPMENT CORPORATION
Revolving Loan Fund
Serving Northeast South Dakota for over 15
Years
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LOAN APPLICATION
PROCEDURES
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- INITIAL
CONTACT – At initial meeting or phone conversation, explain the
program and determine if eligible for RLF loan. If not eligible, then explore
alternatives. Provide the individual with an application if they
are interested. If possible complete form while in office.
- PRIVATE
LENDER – Individual will need to secure a private lender to
satisfy private sector financing requirement.
- COMPLETED
APPLICATION – Once we have received the completed application, a
financial analysis will need to be completed or reviewed. Be sure to explain initial fees and
other possible fees that may be charged to complete loan application
and closing.
- LOCATION
INSPECTION – Business sight inspection should be conducted and
photographs provided if possible.
- CREDIT
CHECKS – Prior to submission for approval a credit check must be
made through the Aberdeen Credit Bureau, and
a UCC search should be conducted.
(Both can be accomplished via the phone.) There is a fee charged to the applicant
for this service and must be paid before the application will be
submitted for approval.
- APPROVAL
– All applications are submitted to the NECOG Development
Corporation Board. This board
makes all decisions including loan terms.
- LOAN
CLOSING – If the loan is approved all conditions of approval
must be met before the loan can be closed. An attorney may be consulted to
complete these closings.
- LOAN
SERVICING – If the loan is approved all conditions of approval
must be met before the loan can be closed. An attorney may be consulted to
complete these closings.
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Eligible Project Costs
List
RLF Loan
Application
Application Checklist
Click here to contact the RLF Manager
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