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Short Term Lending Program Checklist for Continued Participation

Note to Participating Lenders and Applicants:  If the PL has received a previous DOT loan guarantee for the Borrower who is now applying for a subsequent year of participation in the DOT OSDBU Short Term Lending Program, the following Application Checklist should be used.

  1. ­­­_____  An updated DOT OSDBU Short Term Lending Program Application, signed and dated.
  2. ______Does the business meet the eligibility requirements: DOT Federally Funded Transportation related contract- i.e., maintenance, rehabilitation, restructuring, improvement, or revitalization of any local, State or Federal transportation system.  In addition, the source of contract dollars defines whether it is considered transportation related.
  3. _____  Business Financial Statements for the most recent fiscal year.* These statements should be prepared by an independent CPA firm and include the accountant's cover letter, the Balance Sheet, the Profit & Loss or Income Statement, any and all additional statements and schedules, and any and all accompanying CPA notes.       If the STLP Loan guarantee request is for $500,000 or greater, the business financial statements must be CPA reviewed.
  4. _____  If the business' last fiscal year has ended longer than 90 days at the time of application, the business must also submit Interim Business Financial Statements to include Balance Sheet, P&L, and Aging Reports of both Receivables and Payables.
  5. _____  A Current Work in Progress Schedule or Statement to include all jobs currently under contract.  Contract owner, project name, contract amount, starts date, percentage completed and billed amounts, collected amounts, and estimated completion date should be included in this document, at a minimum.
  6. _____  Current Aging Reports of both Receivables and Payables, if not included with the Interim Statements (item 3. above).
  7. _____  An updated Business Cash Flow Projection covering the term of the requested loan must be submitted.  This report should show, on a monthly basis, total revenues from both transportation and non-transportation related contracts in progress, the associated cost of goods and services, general and administrative operating costs, net monthly cash flow, and anticipated advances and repayment on the proposed line of credit.
  8. _____  Business federal tax returns for the most recent fiscal year.
  9. _____  Evidence of current DBE certification and/or other eligible SBA certification (8a, HUBZone, SDB, DSV).  Include a copy of the original state or SBA certification letter and the most current annual affidavit attesting to continued program eligibility that was filed and approved by the issuing agency.
  10. _____  A job performance reference letter from either the Prime Contractor or the Owner of a transportation-related project completed within the past 12 months.
  11. _____  For each principal owner of the applicant business (an individual owning 20% or more of the company), submit the following information: Personal Financial Statement (dated with 90 days of application); Recent year federal tax returns;  For any other guarantor that is not an owner of the business, submit only the PFS and tax returns.
  12.  _____ A complete copy of all new transportation-related contracts, subcontracts, and/or purchase orders that will be assigned to the proposed loan.
  13.  _____ If any of the principal owners of the applicant business also own a majority interest in other business concern, he/she must submit the most recent fiscal year of financial statements and/or federal tax returns for the each affiliated business.*
  14.  _____ Taxes (Federal, State, and Local) have been paid.  If not then you must show evidence that you have a payment plan in place and further evidence that you are paying it.
Updated: Tuesday, June 25, 2013