Laserfiche WebLink
In servicing loans, the IRF will seek to balance two goals of assuring the <br />repayments of loans and prornoting the health and stability of the IRFs <br />borrowers. The repayment monitoring, administrating loan collections and <br />handling defaulted loans are discussed in detail in Section D Loan Servicing <br />Procedures. <br />1.7. Organizational administration <br />The IRF must ensure compliance with all EDA requirements. Staff keeps <br />financial records and creates a balance sheet and income statement on a monthly <br />basis. The procedures are outlined in Section E Administrative Procedures. <br />2. Loan Administration Board <br />2. I.Size & composition <br />The size of the IRF Board will be no less that (6) six members and no more than <br />(9) nine members and will be composed of individuals representing both the <br />public and private sectors as follows: <br />Executive Director or designee, City of South Bend, Department of Community <br />Investment <br />Controller or designee, City of South Bend <br />Executive Director or designee, Airport Authority <br />President/CEO or designee, the Chamber of Commerce, a local organization <br />responsible for coordinating economic development activities, as well as <br />marketing the community in order to attract new industries. <br />Executive Director/Director or designee of the TRFs Bank Agent. <br />A member of the minority business community, nominated and elected by the <br />IRF Board, in the event none of the Board positions noted above are filled by a <br />representative of the minority business community. <br />Up to (3) three additional members representing the regional business <br />community, <br />2.2.Experience requirements <br />Community and/or economic development experience <br />Business experience <br />Finance experience in an area similar to the IRF's types of loans <br />2.3,Duties and responsibilities <br />24 <br />