Business and personal assets may be required as collateral to provide adequate loan security. The City is willing to subordinate its collateral position to primary lenders. Mortgages on real property and a security interest on business assets are commonly provided as security for working capital. Selection Criteria Loan approval or denial will be based on an overall evaluation of selection criteria, which includes, but is not limited to, the following factors. Credit worthiness, business and personal.
Business plan is reasonable and demonstrates ability to perform and repay the loan.
Management capability and capacity. Leverage ratio of public to private loan participation. Impact on employment of persons from low and moderate income households. Upon submittal of a complete application, it will be reviewed by a credit committee. Average loan processing time is 60 days.