Sign North Dakota Banking Purchase Order Template Later

Industry sign banking north dakota purchase order template later

hello everyone my name is colin hansen i'm with the city of grand forks as a community development planner and with me is greg syrup craig do you want to introduce yourself sure yeah i'm greg syrup i work with the north dakota small business development centers here in grand forks i am part of the covid19 support team which is why i'm with you today awesome well this video is meant to be a walkthrough of the c run application the c run being the covid response unmet needs revolving loan fund so if you are interested in applying for this program for this loan fund this video is meant to help you walk through the application take a look at the eligibility self-check and help hopefully help answer some questions about the application and walk you through that first thing we're going to look at is where to go to find information we're going to start with grandforksgov.com which is the website for the city of grand forks and we're going to go forward slash c-r-u-n for the c-run program and that's going to take you to this page the first button you're going to see is the are you eligible button that's going to be the first place you want to start when you click that button it's going to take you to the eligibility self check this eligibility self check is a form for you or perhaps your lender to use to see if you fit the eligibility criteria to apply for a loan from the c run revolving loan fund on this page is a little bit more detail specifically about the loan terms and about eligibility but going through the process is going to help you and it's a really quick form to fill out it's going to help you understand if you fit that eligibility criteria really quickly for this first tranche of loans uh loan amounts will be from five thousand to twenty five thousand dollars a single company cannot exceed fifty thousand dollars in total of c run loans over the course of the next two years if there is funding after the first tranche we will look at possibly increasing the limit or allowing those who have who have requests in excess of 25 000 who have unmet needs beyond the cap to perhaps apply again the interest rates are really attractive for this there's a one percent interest rate on this working capital loan that can be reduced by 0.25 percentage or 25 basis points for those who provide a personal guarantee so it would be an effective 0.75 percent interest rate there's also a six-month deferment on principal and interest for all loans interest is still accruing but a six-month deferment for both principal and interest payments you can receive an additional six months making that one year of total deferment before payments start with a personal guarantee so there's an incentive there to provide a personal guarantee for the loan amortization will be over five years after the initial deferment the loan needs to be adequately collateralized and there will be a blanket ucc lien on all business assets as far as basic eligibility you can see they're located in grand forks county operating before march 1st of 2020 affected by the coven 19 pandemic and eligible working capital needs you'll see a list when we move on to the next page here of some prohibited uses for the loan fund again this is a working capital loan so things such as real estate purchases not eligible for this funding in the case that we receive a lot of requests for the loan fund uh especially if we are in excess of the 1.39 million that we have to loan out in the c run loan program we will be prioritizing applications for those who are small businesses who maybe had a hard time accessing existing federal support help federal support dollars and for those who are small businesses that meet the definition of employ 15 full-time equivalents or fewer or they have they gross less than one million dollars per year or they're in the accommodation and food services industry again those may not come into effect but in the case that we receive an overwhelming amount of response for the loan program those are some additional criteria in which we'll be able to prioritize applications so to begin you're going to click next at the bottom right corner of the screen it's going to take you to a few questions is your business located in grand forks county yes you must be in grand forks county have you experienced a negative financial impact overall negative financial impact can you document that financial uh negative financial impact and this is really where uh greg is going to come into play here be very helpful for you if you need help demonstrating that overall negative financial impact by preparing some financial documents which will be required in the actual application greg with the small business development centers is going to be there to help you out with that so yes i have the ability to demonstrate that i had a negative financial impact here is those that list of prohibited uses for the working capital loan fund a lot of folks won't you know fit into these boxes there are a few things to point out such as the purchase of real estate real property and also personal property so if you're purchasing business assets let's say you need some large equipment something that is going to be depreciable over time then that would not be an eligible use of working capital loans again working capital meant to keep you operational development of land engineering construction those sort of things are not uh eligible uses uh if they're specific to a project also acquiring an interest in a business either through the purchase of stock or any other means like that again not eligible you can review the full list here and here you will click i would not use this loan for any of the uses listed above if you are planning to use the funds for one of these uses listed here you can uh if you believe that you're eligible perhaps for a waiver to any of those uh it would have to be very specific and and it would have to be it'd have to be a very specific need and it would have to fit within federal regulations you can call myself colin hansen uh my contact info will be here at several different points throughout the video today but if you have any specific questions to see if you could meet an exemption you can give me a call but in this case i would not use a loan for any of the uses listed above your business structure so depending on how you are registered with the irs this would be where you select that i'm going to select llc are you considered a farm limited llc or a farm corporation by the state i am not and here you're going to select your industry uh generally what industry do you fit in in the actual application you'll go through really quick uh determination of what your industry here is but for this purpose you can take your best guess we'll say uh retail trade how many employees full-time equivalents you may have uh for those who really aren't quite sure what that is if you have four employees two full-time and two uh each at 20 hours a week or two part-time employees you would have three full-time equivalents so that would add up to 120 hours a week so i'm gonna say under six for my gross revenue will be somewhere between one hundred and five hundred thousand dollars and here you're going to fill in uh any sort of information or your your specific company information not any information after you've filled out your company information you're going to come down here would you like us to have uh to follow up with you to have a conversation about the loan program that's if you have if you want someone to follow up and and see if you have any questions you can click yes please contact me or no i'll reach out later in this case sure please reach out to me using that contact information and then if you do have any questions specifically we can try to reach out to you and answer those if you want to put them in here at that point you're going to click next and here you're going to receive uh information about your eligibility here it says i mean basic eligibility criteria for basic qualifications for the loan fund uh in the case that again we receive a lot of interest and applications for the loan fund i would meet priority consideration as a targeted business due to my full-time equivalence i had 15 or fewer fte and i also had under 1 million in gross revenue which also gave me that priority consideration the next steps from here getting your eligibility saying hey you're good to go the first thing you're going to do is download the c run loan application that's located right here it'll be at the end of this form and it'll be on the website at the bottom of the page grandforksgov.com forward slash crun but that's right here you can click on it there to open it for your second item of business is going to be to fill out the application as much as you can from there you're going to contact greg with the small business development centers uh to review your application and if you need any assistance in filling out the application or preparing some of your financial documents that is another good time to reach out to greg and after going through that and receiving a thumbs up from the sbdc saying you're ready to apply uh ready to submit you submit that to myself in the city of grand forks at my email address my point of contact is down here if you have any questions about program eligibility the application or the approval process greg's con our information is up here too right underneath the application you then submit the form and once it is sent once it has sent again you will be given the opportunity to download that c run application one thing we want to do as well i'm going to go back to this page here where we found the eligibility self check button if you scroll down to the bottom you're going to see again our contact information right here but the c run rlf application is also located here clicking that application we see the pdf has been pulled up the application is a fillable pdf form so you can fill it out entirely online if you like in fact that is the ideal circumstance that is the easiest way to go about that again some more information about the loans which we just covered the same sort of process for how to apply contact information you've seen all of this information in the eligibility self-check form uh applications are due on october 15th that was something that wasn't on the eligibility form we'll be sure to make sure it's updated soon so it includes that deadline now with the applications being due on october 15th we strongly encourage you to begin this process as soon as you can it's much easier to work on these things over the course of a couple of days or come back to something or if you need to request information let's say from an accountant it's best not to put the application off fill it out as soon as you can and that way if you do encounter any issues or struggles or hurdles to submitting the application you have plenty of time to address them from here i'm going to have greg take on the second page and kind of let you know what we're looking for in terms of application enclosures so we'll go through this list quickly but one thing or a couple things i really want to reiterate um as colin already mentioned first of all is uh our contact info is there for a reason please get in touch if you have a question i mean i think this can seem daunting but colin and i pride ourselves on being easy to get a hold of so again use us as that resource and then probably point number two i'd make is you know don't overthink this um you know your financial statements aren't going to be the exact same as everybody else's you know there's resources available to you if you don't know exactly what to provide we can either help you find those things or you can go out on the the web and find resources that can help you as well there's other resource partners within our network locally that can definitely assist you but i'm i'm here to do that as well so let me know and we can connect the dots on those documents for you just to even get you started or if you happen to have everything you need already prepared and you want to come in and get signed off on that's that's great too and we're happy to help you you know get to that position where you are able to do it yourself if that's your desire but quickly just going to go through this list the enclosure list is primarily financial documents that we want you to provide as part of this application first of which it lists here is for the business the federal tax returns uh the most recent three years if you have them if the business was established after 2017 then provide all the returns so even if you only have 2019 so only one past year's tax return provide that and that's that's more than fine next up is the balance sheet year to date so essentially meaning from january 1st of 2020 to you know if today's september 16th till that day and again just demonstrating or at least through the most recent uh pay period or month maybe just demonstrate kind of again impactful things that are going on and just kind of show where you are within that period as well as the cash flow statement year to date things again that have happened since january any changes that have been made as well as the income statement year to date and then once you have all those things compiled it might be easiest to do this next part which is um put together a financial narrative for incurred impact so this is kind of just a statement of if you've incurred any negative impact through kovid through coronavirus uh you know if your customers have been affected if the way that you have done business has been changed if you were um you know in a position where you had to close down your business maybe you had somebody on staff become infected or you yourself became infected and you know for those things you you muted this time perhaps again you know summarize what happened and where the data would support that within your year-to-date documents um you know maybe going back till to march when it kind of really started hit the united states and then playing that out month by month or week by week whatever is easiest for you describing what had happened and how it's clear that you've been impacted by coronavirus uh and then next up what uh we'll be looking for is pro forma income statements so january january 1st uh 2021 through june 30th of 2021 so you know looking forward to next year um you know what do you perceive is going to happen a three year pro forma cash flow statement so this is again to help kind of identify your ability to pay as well as help you understand your ability to pay and develop some self-awareness around your cash flow statement for over the next few years if you do end up getting this alone and as we think about long-term impacts of coronavirus this is going to be a useful exercise to kind of painting that picture so three year pro forma cash flow statement again those documents can be found elsewhere templates for you so if you can't track them down on your own just let us know we'll make sure to get you in the right direction on those next up we have financial narrative for anticipated impact so as you think about the next year um a short narrative on on this one that explains the impact of covet 19 from september 1st 2020 to june 30th of 2021 this narrative should reference your pro forma financial statements and propose uses of funding so you kind of want to talk about how you could use the funding maybe from this loan to bring customers back with confidence with comfortability um you know with again more resiliency for the business moving forward how do you insulate or mitigate some of those risks as you return to work or if you know your business has shifted to working from home how maybe can you use those funds again to that benefit or that that order and then next up we have a certificate of good standing so you don't have to have this you know the certificate back by the time you submit your your final application here but around the time that you are getting ready to submit this you will want to get in touch with the north dakota state tax department or tax commissioner's office and just make sure you get that certificate of good standing it could take a few days up to a couple weeks so we encourage you to do that um again and it's fine if that comes through after the fact after you've applied uh that's more something they need for the dispersal of any funds so again just make sure you keep that in mind as you wrap up uh in addition to that they would also like to see if you have available personal financial statement um this might be something that's pretty easy for you to put together um again resources that we can put you in touch with that could help you easily identify this but it might even just be a personal balance sheet identifying incomes assets any liabilities just again painting that picture to give us an idea or give the committee that reviews these applications an idea on your ability to repay a loan and they just want to see that you're in a good position to do all that and then also just kind of a standard uh housekeeping item here information concerning that they would also want information concerning any pending or threatened litigation against you or your business or administrative proceedings or any administration orders judgments or injunctions so if you have any other legal you know issues kind of on deck or an occurrence at this time they they just want to kind of be aware of that just again to analyze that prior to doing anything so that's kind of it for the the checklist um so from here we can kind of move on to the next page which i think colin will talk about we get to the business financing application this information is generally pretty straightforward i want to reiterate a point greg made which is please don't overthink this this is really pretty straightforward so don't uh you know again don't overthink it you know the answers to these questions just just be sure to share them with us with your industry as you fill out this information your physical address is to make sure that you have a location in grand forks county that is a requirement for eligibility mailing address how do we send you things obviously but the industry you're going to want to click on this snakes.com forward slash search if you don't know your next number or your industry by clicking on that you will be brought to the next search website and here you can see the industry code and the many different industries that are possible so you will see let's say you are in finance you can see that i am in finance and insurance that is what i will write for industry and the number 52 is my next number if you're not sure if you fit into a specific industry or not you can actually click and drill down into some of these or into these categories so you can see specifically if you fit under this head under this industry of construction and code 23 we don't need you to find this really long number we don't need you to write that your glass and glazing contractors we just want to know if you're in the construction industry and what your code number is again this may help you if you're not sure to try to find your industry specifically or to get some clarification on if you fit into an industry again we are not looking for you to spell out that information for us or the longer next number we just want that two-digit number so after finding uh your industry you're gonna let's say finance and insurance as an example here you're going to see the code is number 52 so we're going to go back to the application finance and insurance will be my industry and code number 52 again we only need the two-digit code for this purpose and that link to find that number is right there your company description a description of coven 19 impact and this working capital needs description again very straightforward the company description we're essentially asking you to tell us about your business uh your position in the market the activities essentially what do you do and how do you generate revenue that's essentially what we want to know with description of coven 19 impact uh tell us how and where you really got hit hard by kovit the kovit 19 pandemic and what further impact are you anticipating going forward this is a good place to put that information in description of working capital needs uh what do you still need to get covered what do you need this loan funding for why are you here filling out this loan application so again don't overthinking don't overthink it you know the answers to those questions we're going to move on to funding and uses all right so on this form you'll see again as paul mentioned very early on this is a fillable form um so after you collect those financial documents you'll basically be using those to fill this out so if you can look back at your revenue revenue loss so this will probably show up on your income statement or rather an analysis of your income statement for again that march 1st august 31st period so maybe you want to compare this to your you know 2019 figures or if you have an idea of you know month by month again if if you could have said you know your business was on track do x amount of dollars and then based on what you were doing before maybe you saw a 20 or 50 reduction in that business um you know that's again you're trying to um identify the amount of that loss just kind of either generally or if you can as specifically as possible um so again revenue loss that's already incurred at for section number one there and colin might be throwing in some numbers here and as you can see it's a smart document so we'll automatically tabulate that uh num item number two there's the anticipated loss so it did ask you on the form um for an income statement pro forma for september 1st 2020 through june 30th 2021 so again compared to where you think you might have been or what the data will tell you if you compare that to past years if each year you know before that you were growing at five percent and you can factor in that five percent growth anyway as you do that comparison how do the numbers change what's the difference of where you should have been or could have been compared to where you were because perhaps a proven additionally numbers three and four would be any incurred expenses covered related expenses this could be gloves masks cleaning equipment cleaning supplies chemical ppe personal protective equipment um as well as any anticipated expenses in this area uh moving forward so again things that would be used directly for covet so those things will add up and and give you a toll there at the bottom and that's again for the end that needs summary federal and state grants and loans received so this could be eidl ppp economic resiliency grant excuse me econom e-i-d-l is economic injury disaster loan and ppp is payroll protection program so probably got those through the sba that's part of the cares act program but there are other programs that you could list here and we'll talk about sources of funding but specifically in this box you're only going to put what was received okay so only things that you've actually received if they're still an application you haven't received them then you don't need to put that yet these are just for things that have so far been received and the next item there is covid related private debt financing received um so if you went to your bank and were able to get a loan to help again mitigate or address some of the issues with koben maybe it's a lost revenue maybe it's increased cost that you've seen you've had to hire more people to do more cleaning it could be any number of things again what have you been doing to kind of pay for that so far what other resources have you been able to take advantage of so maybe you got a bank of north dakota covid pace recovery loan um you know use the self and or small employer loan fund from the bank north dakota or maybe again local regional or national bank that you're working with um again for the uses of something related to coped so as you go through you will want to identify the uses what you plan to utilize the funds for in your working capital needs um again i'll make the note call and talk about what's not eligible or what is ineligible before so purchase of fixed assets including land improvements to that land or rather capital improvements construction machinery and other similar activities are not eligible for funding under this program so again as you go through maybe you're looking at this application i'm not sure where some of these items are going to come from i would say typically these items can be found on your income statement so if you look back at past income statements you could see what was incurred if you have monthly income statements or you can do it on a quarterly basis maybe you can again tabulate some of these things up pretty easily and just sum whatever your inventory payroll utilities rent mortgage anything again that you think this would help you address it's also important to understand that don't put things that you're being covered for on other grants such as the payroll protection program you can't put payroll that's already being covered there e-i-d-l if you're using that specific to you know paying your rent and your mortgage you shouldn't also list your rent your mortgage unless it's above and beyond what the ideal was able to cover you for um so again this is an unmet news it's right in the name this has been to help you on things that you were not able to get coverage on uh through other resources so keep that in mind so again you would want to list anything that was incurred beyond that and then moving forward if again you're running out of funds from these other resources and you still have anticipated expenses coming up that the next column there again you would want to list what other covid related items perhaps that this potential loan could help you with so go ahead and list those and again these this is a smart document so it will create a subtotal and then a total for your working capital uses between what you've already incurred and what you anticipate um prior to june 30th of 2021. so again use your income statements from the first enclosure checklist that that we had you do that's kind of what we're looking for is you to give us the uh the summary information there and then your document should should support that so if we have a question or rather the committee has a question they can go back and review that you want to again provide them with all the data and then next up we have positions retained and or created with proposed financing you really don't have to go to great lengths to demonstrate this the point here is we just want to get an idea of if we're helping you maintain or retain um existing employees in your business by utilizing this loan if that helps you do it or if in addition to that you're creating new full-time equivalent positions and the number of those so again if this loan has an impact on on the labor force and couch within your business they just want to be aware of that so they can understand how it is impacting businesses and then moving on to the next page here as we list sources so as you think about other areas you could have received funds from this could definitely be you know an area that you want to look at just to determine if your needs have not been met um so first item on here is going to be this loan so if you're a plan to apply for this loan uh you just want to put the amount so if you go for the full amount it's gonna be 25 000 again look to be 5 000 to 25 000 was the range that you could get so again check that box uh list what you plan on using it for so the use of funds um that maybe you just had listed there um that's where the description would go but you want to put the amount in there next up sba paycheck protection program so again if you use that what amount did you get check that box what did you use it for what was your covered period maybe you could describe that and just say it was for payroll on months already incurred maybe um and and in the future maybe you're using this program the the c run to pay for uh anticipated expenses and payroll um that aren't covered by them that could be easily the situation next up the eidl or economic injury disaster loan again the amount check that box what you're using that loan for uh could be a number of things that are eligible under there such as you know some working capital needs for the business some operating costs so it could be rent mortgage payments things like that utilities uh next up the economic resiliency grant so this is eligible all businesses in north dakota that were registered up to 50 000 so if you were able to take advantage of that program you know what you use it for um you know again this is unmet needs program so if you're putting here that you were able to get funding for pp e personal protective equipment chemical cleaning supplies machines things like that that's not what you want to put in your use of fun so this should also help you self-check your document as you're going just to make sure that you're not listing things maybe that shouldn't be accounted for um next up the bank of north dakota copen 19 pace recovery program or cpr you would know if you had this this is again you're working with your bank or the bank of north dakota to secure this same thing with the bank of north dakota small employer loans so great programs a lot of these are awesome programs or in fact all of them likely are so you know again could could already be using these and good on you if you are have already been able to secure some of these things but this loan or this program from the revolving loan fund is really meant to help what these things may not have covered so that's kind of the reason for the narrative here coronavirus economic stabilization act or the cisa uh act loan um you know this is a pretty general one it seemed like coming out around the same time as the cares act so again if you were able to take advantage of that the amount check that box and what it was used for uh the community development block block grant excuse me this might be used more so by non-profits uh in the area so again if that applies to you make sure to list the amounts and check the box and what it was used for for those kind of in our region on this part of north dakota there is resources available for through the red river regional council catalyst fund another revolving loan fund uh so if you have been able to take advantage of that go ahead and list that uh insurance policy claims so anything directly related to cobit you could put under insurance policy claims um you know if you had hail damage and that was a claim during the same time period don't put that that's not that's not what they're looking for but if you had been able to get some relief from your insurance company because of um you know policy claims that you had in place then yeah perhaps as well as anything else that you've been able to use um in the other column there so again the goal here is just trying to understand what are the resources you've been able to utilize um you know and how that's different maybe from your request for utilizing uh the c-run revolving loan funds at this time um and now fallen's gonna wrap her up kind of with the next couple pages of the application one more thing to point out too in order to reiterate is that this is for covet related public financing so money that you've received related to covid from the state or the federal government if you receive uh private debt financing of any kind uh you do not need to list that here in fact you should not list that here this is all public financing that you have received or public support you've received grants or loans moving on to the loan request here is where you're going to enter in the amount that you are requesting and this is also where you're going to indicate whether or not you plan to provide a personal guarantee on the loan if you are providing a personal guarantee on the loan and you have adequate collateral to do that you will click yes and that will provide you with a point seven five percent fixed interest rate you can do that down here as well for deferred payments and you will receive one year deferment on payment although your interest still accrues but one year deferment on payment of both interest and principle if you are unable to provide that personal guarant e or do not wish to do so you can accept the 1 fixed interest rate and the six month deferment that is for every loan here is where you're going to enter your gross revenue for uh 2019 and your full-time equivalence in terms of folks on your payroll for 2019. company fine or company information a lot of this information you filled out in the eligibility form but you're gonna fill that out here in the official application let us know how you what your legal structure is if you were established in 2019 or earlier all you need to do is put the year here if you are established this year in 2020 put the actual date that you were established so if you were established in february february 14th you would put that here in that fashion your locations are going to your locations are going to be important if you are a corporation please list your president vice president secretary and list all owners who have a 20 ownership or more within the company you're going to fill that out right here along with their percentage owned additional information we're going to be looking for includes primary bank a company attorney if you have one an accountant if you have one as well a few more questions has the company or any of its principals ever been involved in bankruptcy a lot of these are questions we need to ask this question here is ask if you have any outstanding tax liens specifically for the company any officer subsidiary or affiliate we are requesting as greg mentioned earlier at the enclosure checklist portion of this application that you will request a certificate of good standing from the north dakota state tax commissioner that is going to help inform us that you do not have any outstanding tax liens but here we're asking you to affirm that you do or do not in any of the cases that you do answer yes to any of the four questions at the bottom of this page we're asking that you please enclose any additional documentation including an explanation for those for those answers continuing on are there any owners or officers on parole or probation and if any individuals who are considered management if they've been convicted of a crime to please note that as well the last page is the agreement section there are two signatures required here and it is not being shown in this specific version that i have up but there is when you open up the adobe file once you've downloaded it and open it up there are official legally binding signature lines here and here please read through it thoroughly and sign and date at the bottom and that is the application so if you have any questions beyond what we've talked about in the video or even if there's something in the video that you heard that you have more questions about or doesn't make sense please contact greg or myself we're more than happy to help you through this process again as greg said earlier this is not meant to be overly burdensome you know the answers to a lot of these questions and if you need help answering some of these questions we're here to help our contact information i'm going to take you back to the cares act page or the see run page on the city website here you can find all of this information including the eligibility self check form as well as the c run rlf application form on this page you can also find our contact information greg do you have anything else to share with folks yeah one other thing i just wanted to briefly mention is i do have set time set aside to help folks who want assistance on this so please don't delay if you're ready to go on this i would suggest you know get get started early less than 30 days even from today so if you're watching this recording anytime after um you know times times clicking along pretty quick i would encourage you to get moving on this it might take you a little bit longer you have to wait a couple days to get the documents so you know don't don't sleep on this um and don't be afraid to reach out literally that's what we're here for it's our job and and we're pretty good at what we do i think so yeah hit us up and we're here to help and want to help so use that resource well thanks so much for joining me greg and and offering your assistance at the small business development centers thank you all so much uh again ask us if you have any questions