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! <br /> CENT~LINA DEVE!~gPMENT CORPOR~TION <br /> <br /> In working with the SBA and the $03 Program we are establishing a supermarket <br /> <br />for long-term, lower interest loans. <br /> <br /> Who is eligible? <br /> <br /> Under the 503 program an eligible applicant is: <br /> <br /> !. A for-profit corporation, partnership, or proprietorship <br /> <br /> 2 The net worth of the organization may uot exceed $6 ~!lion and after <br /> tax profits in the last two years must average less than $2 million. <br /> <br /> 503 Financing is not available for: <br /> !. Non-profit organizations <br /> <br /> 2. Lending institutions <br /> <br /> 3. Investment real estate organizations <br /> <br /> The applicant must be financiall? sound. The SBA will not consider any applicant <br />which does not have a proven record or sufficient resoorces for repayment. <br /> <br /> The loan proceeds may be used to finance: <br /> <br /> 1. Land acquisition <br /> 2~ Plant construction, conversion or expansion <br /> 3. Machinery and equipment <br /> 4. Professional service fees reguired to obtain financing. This would <br /> include legal, accounting and appraisal fees if needed. <br /> <br /> A tgpica! loan arrange~nt would include: <br /> <br /> i. 10% applicant downpayment <br /> 2. 5D% Local Bank First Mortgage <br /> <br /> 3. 40% SBA-quaranteed debentures Second Mortgage <br /> <br /> The maximum amount of any loan may not exceed $50~,000. The average loan is in the <br />range of $200,000 to $300,000. <br /> <br /> <br />