Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 101 - LOAN INSURANCE PROGRAM
Section 457-101-3 - Application
Universal Citation: 94 ME Code Rules ยง 457-101-3
Current through 2024-13, March 27, 2024
A. Procedures
(1) A Lender shall submit an application
which complies with the requirements of this Rule on such forms and in such
numbers as may be specified with such supporting information as shall be
required by this Rule and the Credit Policy and such additional information as
may be requested by the chief executive officer or the members.
(2) The chief executive officer shall be
responsible for making application forms available and assisting lenders in
preparing applications.
(3) No
application will be considered complete unless substantially all questions are
answered, and substantially all supporting information is provided.
B. Contents. Unless waived by the chief executive officer or the members, the Lender shall submit to the Authority a fully completed Loan Insurance application in a form and with such information prescribed by the chief executive officer or the members, which may require, without limitation, the following:
(1) Identification of the proposed amount of
the loan, the proposed percentage of insurance, the purpose, terms and
conditions of the loan and a description of the collateral.
(2) Copies of all conditional letters of
commitment to the borrower from the lender and any other sources of
financing.
(3) A written statement
of the material benefit the proposed insurance will provide to the
Borrower.
(4) Historical business
financial statements, including income tax returns, income statements and
balance sheets, as applicable.
(5)
Personal financial statements and tax returns for all partners, owners,
officers and guarantors, as applicable.
(6) Pro forma financial statements for at
least a three-year period, including an income statement, balance sheet and
cash flow projections.
(7) The
Lender's loan analysis.
(8) A
statement of the number of jobs proposed to be retained and new jobs created by
the project. In the event that the borrower will have ten or more employees as
of the date the loan is to be made, the application must include an employment
plan, on a form to be provided by the chief executive officer.
(9) Appraisal of collateral.
(10) Business credit history
reports.
(11) A description of the
public benefit that is expected as a result of the project.
(12) Any other information or certifications
from the borrower or the lender deemed by the chief executive officer or the
members to be necessary or desirable in connection with the
application
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