Guidelines for all loan programs:
- A business plan is usually required, especially on the larger loan requests of $20,000 or more.
- Applicants must demonstrate that a financing gap exists, and that the bank is unable to fund the entire project.
- A personal guarantee is always required.
- The project must demonstrate sound management ability and the likelihood of success must be very high.
- An assignment of life insurance from the principal borrower is usually required.
- Applicant must have a satisfactory credit history.
- Cash flow projections and collateral values must be provided that demonstrate the repayment ability of the business.
Projects not eligible for loan programs:
- Debt refinancing is not an eligible purpose for the loan funds.
- Real estate development, primarily non-owner occupied.
- Agricultural production.
- Bars, restaurants, gaming establishments or amusement centers.
- Newspapers, media or entertainment businesses.
- Retail or service businesses that, in WCI’s judgment, are unduly competitive with existing businesses in their trade area.