ARa provides the following program related loan administrative and management services which are designed to assure the correct, complete and timely administration of the grant for the business loan program and resultant recapture in compliance with federal and state laws, rules and regulations. ARa assists the grantee in performing required duties in a satisfactory manner. The following services may be provided on loans in which a local bank is not participating:

Application Assessment

• Review application for completeness
• Run and examine credit report
• Analyze balance sheet, profit loss statements, pro forma and business plans
• Make recommendation to loan committee on loan terms and conditions if approved

Loan Packaging and Underwriting

• Prepare loan documents (loan note, payment schedule, personal guarantee, mortgage, UCC filings, etc)
• File/record applicable documents with County Recorder’s Office

Loan Collection/Recapture:

• Collect all sums payable under the  loan terms (principal, interest, late fees and other charges)
• Send reminder notices
• Notify owners in default
• Facilitate collection
• Track outstanding loan balances
• Return recapture funds on a quarterly basis
• Release recorded security documents when loan is paid in full

Reporting:

• Prepare required reports to appropriate lender
• Provide any follow-up information as required