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Twin Cities Community Capital Fund <br />TCCCF <br />IN °TI #:iS COMMUNITY <br />FC;No <br />the,ti <br />N <br />hip <br />Page 1 of 3 <br />Loan Application <br />The Twin Cities Community Capital Fund will begin accepting loan applications upon <br />the successful completion of the Fund's initial loan fund capitalization and membership <br />enrollment period, which is expected to occur by July 1, 2005. <br />Loan Criteria <br />Financing Policies <br />Loan Amounts_ <br />• $50,000 minimum <br />• $1,000,000 maximum for standard loans; $1,500,000 for New Markets Tax <br />Credit eligible loans; a limited number of loans of up to $2,000,000 will be <br />considered for certain projects. <br />Eligible Projects: <br />• Funded project must be within a member's area of operations. <br />• Borrower may be a for - profit business entity, non - profit corporation, or a <br />cooperative business organization. <br />o A financial institution must be a participant in the project financing. <br />Allowable Use of Preceeds;. <br />• TCCCF financing assistance may include, but is not limited t fixed assets, <br />including land and building purchase, building construction, leasehold <br />improvements and renovations; acquisition, renovation or moving machinery <br />and equipment; and working capital loans secured by fixed assets with fixed <br />repayment schedules (not lines of credit). <br />• Loans may not be used to refinance existing debt. <br />Ineligibl�Use o oceeds_ <br />o Speculative real estate developments. <br />o Purchase of equity positions in business enterprises. <br />Interest Rases_ <br />o Adjustable and fixed rate loans are available, with rates determined by the <br />TCCCF member originating the loan. <br />L4-an Tenn Lengtlst <br />• The term of each loan will be determined on a case -by -case basis, with the <br />primary factor being the collateral offered. Loans secured by real estate will <br />generally not exceed 20 years, and loans secured by machinery and equipment <br />will generally support a loan term of up to 10 years, not to exceed the <br />depreciated life of the asset being financed. The TCCCF loan will typically <br />coincide with the term of the participating bank loan, including any balloon <br />-9- <br />http://www.tccef.org/loan_apply.cfm 6/6/2005 <br />