By Charlie Warner
Argus News Editor

The Houston County Board approved the application process  timetable for the Business Flood Recovery Loan Program. County EDA Director Joyce Iverson presented the proposed timetable at the Feb. 12 county board meeting.

Currently, the county has received $1.5 million in loan applications, $5 million has been allocated for Houston County.

“The big thing right now is for people to get their applications in,” Iverson said. The review process will take approximately six weeks to complete. The application deadline is June 1, 2008.

The following is the timetable the county board approved:

•First Thursday- the loan review committee reviews and passes acceptable applications to the EDA.

•Second Wednesday- EDA reviews and when acceptable, makes a recommendation to the county board. A memo goes to the county board with projects recommended and the loan amounts.

•Second Friday- A written offer of financing is presented to the borrower who signs to accept or reject the offer.

•Third week- The borrowers order a title research with the County Recorder’s Office or other authorized agency.

•Fourth week- The title research results go to the County Attorney’s Office or other attorneys who are conducting title opinions.

•Fifth week- A Mortgage or UCC prepared by the County Attorney’s Office or other attorney assigned.

Sixth week- Projects are brought to the county board with a summary of the amount of the loan request, the terms, and collateral.

•Once the application receives county board approval, loan closings are scheduled, a notification with the total loan amount for the mortgage registry tax and other closing fees is reported to the Auditor’s Office, and the recording of the loan documents is completed.

After reviewing the various documents involved with the application process, Commissioner Larry Graf asked if Iverson or her staff would help an applicant work through it. Iverson said she and her staff would be available to help applicants any way they could.

A motion made by Commissioner Dave Corcoran and seconded by Commissioner Tom Bjerke to approve the timetable was unanimously approved. 

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