(a) After considering any advice and recommendations of the Loan Review Committee, the Executive Director shall establish procedures for applying to the Program for a loan of money from the Catalyst Fund. The procedures must:(1) Include a requirement that applications for loans must set forth:(A) The proposed use of the loan;(B) The plans, projects, and programs for which the loan will be used;(C) The expected benefits of the loan; and(D) A statement of the short-term and long-term impacts of the use of the Catalyst Revolving Loan; and(2) Allow the applicant to revise the application upon the recommendation of the Executive Director.
(1) Include a requirement that applications for loans must set forth:(A) The proposed use of the loan;(B) The plans, projects, and programs for which the loan will be used;(C) The expected benefits of the loan; and(D) A statement of the short-term and long-term impacts of the use of the Catalyst Revolving Loan; and
(A) The proposed use of the loan;
(B) The plans, projects, and programs for which the loan will be used;
(C) The expected benefits of the loan; and
(D) A statement of the short-term and long-term impacts of the use of the Catalyst Revolving Loan; and
(2) Allow the applicant to revise the application upon the recommendation of the Executive Director.
(b) Loans awarded may be used only for:(1) The acquisition and leasing of land and buildings,(2) The construction, renovation, rehabilitation, and expansion of buildings or other facilities,(3) The purchase of equipment, furniture, and fixtures that are necessary for operation of the business; or(4) Operating capital.
(1) The acquisition and leasing of land and buildings,
(2) The construction, renovation, rehabilitation, and expansion of buildings or other facilities,
(3) The purchase of equipment, furniture, and fixtures that are necessary for operation of the business; or
(4) Operating capital.
(c) After receipt of an application pursuant to this section, the Loan Review Committee shall review and evaluate the application and determine whether the approval of the application would promote the economic development of this Territory.
(d) The Catalyst Revolving Loan may be paired with and subordinate to a loan provided by a commercial bank.
(e) Only one Catalyst Revolving Loan is available to a business or owner at one time. However, once a borrower has fully repaid a loan, the borrower may qualify for additional loans in the future.
(f) All loans made pursuant to this subchapter must be underwritten by experienced financial services professionals and secured by adequate collateral and/or guarantees.