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4. Loan Write -Up <br />Components of the loan write-up generally include the following: <br />Business name <br />Owners' name and ownership percentages <br />Business location <br />Type of business <br />Business history <br />Participating bank and amount of bank loan <br />Non -replacement of private lending sources <br />Type of business organization (e.g., corporation, S-corporation, <br />partnership, etc.) <br />Source and use of funds <br />Company management ability <br />Description of product <br />Production capability <br />Market conditions <br />Collateral, including recommendation on additional collateral needs, <br />appraisal, or environmental reports (Phase 1, bank checklist, etc.) <br />Repayment ability <br />Financial statement spread, including historical, interim, and projected <br />Analysis of financial statement spread <br />Guarantors' net worth <br />Consistency with IRF financing policy <br />Results of environmental review if required <br />Staff recommendation to approve or deny, including terms and conditions <br />5. Procedures for Loan Approvals <br />5.I.Procedures for loan approvals are as follows: <br />Staff interviews loan applicant <br />Staff prepares loan write-up and presents to IRF Board <br />IRF Board reviews, approves or denies loan, along with terms and <br />conditions <br />5.2.Documentation of IR-F Board decisions <br />IRF Board decisions are documented by minutes of the meeting, which are <br />approved by the IRF Board at a subsequent meeting. The minutes provide the <br />following information: <br />Date and time of the meeting <br />Members, staff, and guests in attendance as well as absent members <br />Date of loan write-up <br />Summary of staff presentation and Board discussion <br />30 <br />