Rome Industrial Development Corporation
General Loan Policies of RIDC
1. Loans will be made only to businesses that meet the location requirements of the specific RIDC loan program for which they apply.
2. RIDC's participation in ANY financing package will be limited to the minimum amount required to make the business viable.
3. RIDC will use the Wall Street Journal on the day of the loan closing as the official notice of the Prime Interest Rate, upon which all RIDC loans will be based.
4. Personal Guarantees will be required of ALL owners with 20% or more interest in the business and any co-signors to the loan.
5. The three most previous years' business tax returns (for existing businesses) plus the three most previous years' personal tax returns will be required for all individuals materially involved (20% or more ownership) in the business and co-signors to the loan.
6. Personal financial statements will be required of all owners with more than a 20% interest in the business as well as all co-signors to the loan.
7. Proof of employment (payroll stubs from most recent month's employment) may be requested from any or all owners/applicants as well as co-signors.
8. A WRITTEN business plan may be required for all loan applications; review and acceptance will be at the discretion of RIDC. If assistance is needed to write a business plan, Please contact RIDC for assistance or a referral.
9. All loan recipients will submit annual financial statements and Federal Income Tax returns to RIDC within 60 days after the end of each calendar year or tax filing date for the term of the recipient's loan.
10. Loan recipients may, at the discretion of the Loan Committee, be required to meet with an outside business counselor. Acceptable documentation of each meeting must be submitted to RIDC.
RIDC Lending Process »
For more information, contact:
Rome Industrial Development Corporation
153 Brooks Road
Rome, NY 13441
315-338-0393
Fax 315-338-5694
mkaucher@mvedge.org
pzawko@mvedge.org