Loan Documentation Requirements

  1.  A completed and signed application, the form of which has been approved by the City and is available in the City of Vineland Office of Economic Development.
  2.  A complete description of how the loan funds will be used outlining all sources of funds.
  3.  Three years of annual financial statements and federal tax returns.  If a corporation, forms 1120 or 1120-S; if a partnership or L.L.C., form 1065; and individual tax return, forms 1040.  The tax returns must be signed. (Include K-1s).
  4. Interim financial statements will be required in the event of a short-life company or if the timing between the request and the most recent annual data is beyond six months. This information must be prepared by a Certified Public Accountant.
  5. Pro-forma or projections of income, expenses and cash flow for a start-up business.
  6.  A personal financial statement for each principal or personal guarantor.  This form must be signed and dated.  A resume for each principal should be included.
  7. A copy of the Contract of Sale (Agreement of Sale) for real estate and/or purchase invoices for equipment acquisitions.
  8. Collateral information and description such as a copy of a deed & survey for real estate and serial numbers for equipment.  Documentation such as an itemized list of equipment to be used as collateral should be included.
  9. Any and all leases (tenant profiles) for income producing properties must be included. A copy of a lease if the borrowing entity will be leasing a facility shall be included.
  10. Schedule of long and short-term debts payable showing the monthly payment obligation.
  11. Aging of accounts receivable and accounts payable.
  12. A copy of the Certificate of Incorporation, Articles of Incorporation, Partnership Agreement, L.L.C. Formation and Operating Agreements, any stockholder minutes or Consent in Lieu of Meeting showing names and titles of officers.
  13. Appraisals on real estate and/or machinery and equipment.  (Any appraisals submitted as part of the application, must have been completed by an approved real estate or equipment appraiser.  The contents of the appraisal must state the basis for the appraisal, including all computations, descriptions and qualifying statements regarding the property being appraised as well as a resume or list of qualifications of the appraiser).  The need for an appraisal will be evaluated for each application.
  14. Environmental assessments (i.e. Phase 1 or Phase 2 and/or respective letters of non-applicability).
  15. Cost estimates for construction and/or renovation must be completed and submitted as part of the application package.  Formal construction cost estimates by a general contractor should be submitted on Form AIA Document A101.  Any construction draws will be based on Form AIA Document A102 (renovations will require invoices provided by the appropriate service provider or contractor).  Any documentation pertaining to construction such as, but not limited to, posting of bond or letters of credit, permits, approvals in accordance with local codes and a certificate of occupancy upon completion.
  16. A Business Plan (for a start-up business).
  17. A $250.00 application fee ($100.00 application fee for the H.E.L.P. program) made payable to: Vineland Revolving Loan Fund.  This fee will be used toward costs to process the application of all loan types.
  18. In addition to the application fee, the borrower will be responsible for payment of a 1.00% servicing fee for all loan types, closing costs, any legal costs incurred by the City to close the UEZ Loan and any fees associated with the underwriting of the UEZ Loan.

Any contracts and/or invoices will implicitly state the intention to comply with terms of the Federal Labor Standards, including the payment of prevailing wages, when applicable.​

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