Applicant Information

Before a loan request can be processed, a loan applicant must have the following:

$100 non-refundable application fee to be paid to begin the loan process
Business plan, fully developed that includes all company financial statements, balance sheets and profit and loss statements for two years. New businesses should supply Federal Income Tax Returns for the past two years if financial statements are not available
Projected profit and loss statements and cash flow statements for two years
Credit Consent Form, which is attached to the application, and a Resume
Ownership breakdown, including Social Security number and residency information for each person who holds at least 20% or more of the business
Personal Financial Statements on each company officer
Appraisals for any land and/or buildings involved. Also include legal descriptions, certificate of title and deed of trust
Job Creation and retention must be documented. Loan recipients are required to create at least one new job, over a two year time period, for each $10,000 loaned
Collateral must be listed along with the current market value. SEMCIC accepts liens on machinery & equipment, furniture & fixtures, real property, inventory, personal property, and accounts receivable
Resolution from the company’s board of directors stating that the applicant has permission to borrow money on behalf of the company, if applicable

Community Development