Frequently Asked Questions
I contact at Region IV to find out more about these programs?
You can call Joe Herring at 208-732-5727 ext. 3003 or e-mail him
or write him c/o Region IV Development.
P.O. Box 5079, Twin Falls, Idaho 83303-5079
any forms that I need to fill out to apply for a loan?
You will need an application, call,
write us, download it, or come in
to receive one. Fill out the application form noting closely the
items that are mentioned at the botJoe of page #4.
deal with any grant or "free" money for women or minority
Unfortunately, many equal rights groups have effectively
eliminated most of the old grant programs due to unfair business
competition. Both of the programs mentioned give preference to minority,
woman-owned, or veteran-owned businesses, however.
If I am
not certain what to do in getting my business started, where could
Many small business men and women have limited skills
in developing their business either for expansion or as a start-up.
The SBA has developed Small
Business Development Centers (SBDC) to assist in providing business
plans, cash flow projections, and mentoring programs. The College
of Southern Idaho operates a
Idaho Small Business Development Center. Their phone number
use "sweat equity" as a portion of my injection requirement?
No. Neither program allows labor used in conjunction with
the construction of a project to be used as part of your "injection"
requirement. The injection must be made with cash or existing
land equity in the project site.
use equity in currently owned equipment and/or machinery for injection?
The SBA 504 program does not allow this, although if you sell your
current equipment and replace it with newly purchased equipment
as part of the project that equity can be used. The RLF program
is more flexible about this, but would require a 1st Lien position
on that equipment or machinery.
participate in either of these programs if the location of my project
is outside your region?
With the SBA 504 program, we can fund projects anywhere within
Idaho, however, to go outside or our eight-county region, we normally
want an owner who lives in our region, banks in our region, and/or
the accounting is done in our region. The RLF must be within our
the process to get a loan through either of these programs?
Once all the information is received, the loan officer packages
the loan request and receives a commitment letter from the participating
bank. The package is then sent out the Region IV Loan Committee
one week prior to their meeting. The borrower then goes before
the Committee and the loan is either approved or rejected immediately
following the meeting. If the project is approved the SBA 504 packet
is signed and sent to Boise for Authorization or the RLF request
is then written up as a RIVDA Authorization issued to the Borrower(s).
Following receipt from the borrower of the signed Authorization,
the RLF is then funded to the borrower, usually within five days
or the SBA 504 is processed by the participating lender for the
interim loan amount.
does the process take?
Once the office has ALL of the items on page #4 for the application,
it takes approximately 2 weeks for a Committee meeting, and then
another week to two weeks for fund availability.
More questions? Just call and ask!