§ 120.1822What is the process to apply for an SISMBD Loan?
(a) To apply for an SISMBD Loan, an SISMBD must submit an SISMBD Loan Application to the Director of the Secondary Market Lending Authority.
(b) The SISMBD Loan Application contains the following information:
(1) Information demonstrating the applicant is creditworthy and has the resources to repay the loan;
(2) A statement of the amount requested;
(3) Applicant's IRS tax identification number;
(4) A copy of applicant's most recent financial statements dated within 120 days of the application that was prepared by an accountant, including a copy of its most recent outside audit report, a balance sheet, an income and expense statement and a schedule of its secured debt obligations; and
(5) A narrative describing the efforts undertaken by the firm to obtain credit on reasonable terms from private sources. This narrative must include name of the institution and a contact person for each lender contacted and should also include term sheets provided by potential lenders.
Title 13 published on 2014-01-01
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