Date: _____________

Business Revolving Loan

Program Overview: To provide zero percent interest loans for exterior improvements to business and commercial property in the Sheridan neighborhood.

Eligible Properties: The program is open to only those properties that lie within the boundaries of the Sheridan Neighborhood. Renters applying for this loan must hold a lease and/or occupy the property being rehabilitated.

Eligible Improvements: Includes exterior improvements. Permits must be obtained for all work when required by City ordinance and the work needs to be preformed by licensed contractors.

Ineligible Improvements: Includes but is not limited to; new construction, additions or expansions, recreation or luxury projects. Any questionable improvements will be referred by GMMHC to the Sheridan Neighborhood Organization for final decision.

APPLICATION

Business Name: _____________________________________________________________________

Owners Name(s): ____________________________________________________________________

Business Address: ___________________________________________________________________

City: _________________________ State: _____________ Zip Code: ________________________

Daytime Phone #: ________________________ Evening Phone #: ___________________________

Type of property: Business___ Commercial ___

Scope of Work: _____________________________________________________________________

________________________________________________________________________________

Estimated cost of improvements: $_____________________

Do you intend to do any of the work yourself? Sweat Equity

All applicants must be approved by GMMHC to participate in the sweat equity program.

Would you like a Construction Manager to visit, advise on the work and/or write up the Scope of Work? Yes No

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Program guidelines require that all applicants must have the ability to repay the loan. Applicants who have a potential "debt-to-income" ratio in excess of 50% will be denied the loan.

Please include a copy of the following documents with this application:

• A Completed application form including a Scope of Work and a cost estimate
  
• A copy of applicant's current signed lease and/or a most recent property tax statement
  
• Last two recent Federal Income Tax Statement
  
• A signed "Data Privacy Statement and Consent Form" (provided by GMMHC)
  
• A minimum of two bid on any projects in excess of $5,000.00
  
• A singed approval by property owner
  

Please mail of deliver application form and documents to:

HousingResource Center Northeast

909 Main St. NE, Main Street Lodge lower level, Minneapolis, MN 55413

* Borrower is responsible for the Hennepin County filing fee at time of loan closing

* All income and credit information is held confidential.

*Attach additional sheet if more space is needed.

I certify that to the best of my knowledge and belief all the information contained in this application is correct. I authorize the HousingResource Center - Northeast to obtain and review my credit report.

Applicants

Signature: ____________________________ Signature: ___________________________

SS#: _________________________________ SS#: ________________________________

Owner's Acknowledgement Form

I, _________________________________________ acknowledge and approve of any

(owners name)

exterior improvements for the business located at, ______________________________.

(address)

I understand that this is a Business Revolving loan at zero percent interest through the Sheridan Neighborhood Organization.

Signature: ______________________________ Signature: ____________________________

Date: ______________________________ Date: ____________________________

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