NECOG Development Corporation Application Checklist and Notes

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NECOG Development Corporation is a gap lender, and lender of last resort. Combination of a conventional (bank) loan and the applicant’s equity is expected to provide the majority of the required financing. Refinancing or restructuring of existing debt is generally not eligible; funds are targeted for job creation.  Terms of NECOG-DC loans, including amortization term, interest rates, balloon payments, collateral positions, etc. are determined on a case-by-case basis by the NECOG-DC Board.  Board will require adequate collateral.  NECOG-DC Board generally meets once per month, and complete applications must be in the NECOG office 10 days prior to the schedule board meeting in order to be considered at that month’s board meeting. Expect a cycle of 45 days from the time the application is submitted to NECOG-DC until the funds are available, assuming a complete application and loan approval. NECOG-DC loan funds must be the last funds into the project, and the loan cannot be closed before any other funds.  The following items must be included with your NECOG-DC application in order to be considered by the NECOG-DC Board.
1. NECOG Development Corporation Application
2. Agreement and Certification form

3. Release Form
4. Statical Data sheet

5. Personal Financial Statement(s) of Applicant(s)
6. Business Plan
7. At least three years of Financial Projections
8. Documentation of Participating Lender (letter from other lender)

9. Current Balance Sheet and Profit & Loss Statement for business
10. Debt Schedule for Any and All Existing Debt
11. Prior Three Years Tax Returns for Business and Individual(s)
12. Evidence of Applicant’s Equity Injection (must be 10%)

13. Check for $25 per Applicant, Payable to NECOG-DC

Married applicants: If your spouse is not included on the application and is a co-owner of collateral, a separate personal financial statement will need to be submitted.

If any of these items are not included, the application will be considered incomplete and will not be reviewed by the NECOG-DC Board. Questions regarding the NECOG Development Corporation loan fund or the application itself should be directed to Alison Kiesz at 605-626-2595 or email.

Completed Applications may be sent to:

NECOG Development Corporation
Attn: RLF Manager
416 Production St N, Suite 1
Aberdeen, SD 57401