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Cumberland Empowerment Zone Vineland Urban Enterprise Loan Program The federal Empowerment Zone initiative is the most significant investment in urban and rural community revitalization in a generation. The program allocates up to $230 million in tax incentives and flexible funds over a 10- year period, providing targeted neighborhoods and businesses with the flexibility to design and implement comprehensive neighborhood and economic development initiatives. Cumberland County was one of only 15 communities nation-wide to be designated as a Round II Empowerment Zone. The Federal Empowerment Zone program sunsetted in 2010. However, due to careful planning and management of funds, the Cumberland Empowerment Zone Corporation is able to use second generation funding to support several loan programs. In addition to its own funding programs, the Cumberland Empowerment Zone Corporation has developed a partnership with the Vineland Urban Enterprise Zone (“UEZ”) to administer a small business loan program. The Vineland UEZ was created to assist in the revitalization of the City of Vineland through business retention and expansion programs. The UEZ Loan Program concentrates on creating real estate tax ratables for the tax rolls of the City of Vineland, creating and retaining jobs for its citizens, and generating sales tax revenue. Businesses in the UEZ benefit from reduced sales tax collected and paid to the State of New Jersey for sales within the UEZ. The objective of the Vineland UEZ Loan Program administered by the Cumberland Empowerment Zone Corporation is to provide favorable financial incentives which, when coupled with private financing, will stimulate business expansion in the UEZ. The Loan Program is available to businesses that currently exist and new businesses which are moving into the designated UEZ areas of the City. Decisions on applications for a loan are based on the criteria outlined in the CEZ Loan Policies and Procedures. To qualify for a Vineland UEZ Loan, an applicant must be certified as a UEZ business. This qualification must be issued by the State of New Jersey and is process through the office of the Enterprise Zone

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Cumberland Empowerment Zone

Vineland Urban Enterprise Loan Program

The federal Empowerment Zone initiative is the most significant investment

in urban and rural community revitalization in a generation. The program

allocates up to $230 million in tax incentives and flexible funds over a 10-

year period, providing targeted neighborhoods and businesses with the

flexibility to design and implement comprehensive neighborhood and

economic development initiatives. Cumberland County was one of only 15

communities nation-wide to be designated as a Round II Empowerment

Zone. The Federal Empowerment Zone program sunsetted in 2010.

However, due to careful planning and management of funds, the

Cumberland Empowerment Zone Corporation is able to use second

generation funding to support several loan programs.

In addition to its own funding programs, the Cumberland Empowerment

Zone Corporation has developed a partnership with the Vineland Urban

Enterprise Zone (“UEZ”) to administer a small business loan program. The

Vineland UEZ was created to assist in the revitalization of the City of

Vineland through business retention and expansion programs. The UEZ

Loan Program concentrates on creating real estate tax ratables for the tax

rolls of the City of Vineland, creating and retaining jobs for its citizens, and

generating sales tax revenue. Businesses in the UEZ benefit from reduced

sales tax collected and paid to the State of New Jersey for sales within the

UEZ.

The objective of the Vineland UEZ Loan Program administered by the

Cumberland Empowerment Zone Corporation is to provide favorable

financial incentives which, when coupled with private financing, will

stimulate business expansion in the UEZ. The Loan Program is available to

businesses that currently exist and new businesses which are moving into the

designated UEZ areas of the City. Decisions on applications for a loan are

based on the criteria outlined in the CEZ Loan Policies and Procedures.

To qualify for a Vineland UEZ Loan, an applicant must be certified as a

UEZ business. This qualification must be issued by the State of New

Jersey and is process through the office of the Enterprise Zone

UEZ Real Estate

Development Corporation Vineland and Millville. To be certified, a project under

consideration must be located within the geographic limits of the City section of the

UEZ zone.

The approval and disbursement of Urban Enterprise Zone (UEZ) funds is

contingent upon the Company/Borrower remaining a UEZ certified business while

meeting and maintaining all outstanding tax obligations to the State of New Jersey.

Furthermore, existing recipients/borrowers must remain a UEZ certified business

while meeting and maintaining all tax obligations to the State of New Jersey to

continue their UEZ loans. Failure to comply with this mandate may result in

default and repayment of their outstanding loan balance(s).

To verify your current certificate status or to certify your business under the UEZ

program, please contact Nilsa Rosario at (856) 563-0440.

UEZ Real Estate 1

GUIDELINES FOR REVOLVING LOAN PROGRAMS

In order to achieve the objectives of the Empowerment Zone (EZ), the following loan programs have been established: The Business Loan Program, The Micro Loan Program, The Vineland UEZ Loan Program and The Bridge Loan Program. The primary beneficiaries for use of these funds are private for-profit and non-profit entities located within Cumberland Empowerment Zone (CEZC) municipalities or Vineland Urban Enterprise Zone, who will implement projects that stimulate economic development through job creation and retention, establishment of new small businesses and expansion of existing small businesses, and the development and redevelopment of commercial and industrial buildings. The programs are designed to be an inducement of private sector investment and not to supplant bank financing. The following procedural outline has been developed to insure fair and equitable management regarding disbursement of funds for loan activities. All final terms and conditions of each loan are subject to approval by the CEZC Board of Directors. The Business Loan Program CEZC has implemented a revolving loan program that provides subordinate financing to a bank primary lender to encourage private sector investment and also provide an inducement for the business to hire EZ residents. In situations where bank financing cannot be obtained, CEZC may act as a primary lender provided that the applicant meets the underwriting criteria of the CEZC and the benefits to the EZ municipality warrant the investment. Loan Guidelines Use of Funds – Funds may be used for the acquisition of land and buildings, new construction and site improvements, renovations, acquisition of machinery and equipment, and working capital. Working capital may be used for inventory financing, receivable financing, training and marketing financing. Loan Amounts – Loan amounts may be up to 40% of the total project costs within target areas with a maximum loan amount of $250,000. The percent of CEZC funding is determined by the ability to utilize other public/private funding sources and the project’s gap in financing. In addition to project costs and funding sources, loan amounts are also based on the number of jobs created and the impact the project has on the EZ. The federal guideline of $35,000 per job created will be utilized as a basis for this evaluation. Borrower’s Equity – Loan applicants are required to provide at least a 10% equity contribution to the project.

UEZ Real Estate 2

Interest Rate – Interest rates are based on the structure of the financing and the EZ resident benefit. Interest rates are fixed for a term of five years and will typically not be below 5%. Term – The terms is a five-year balloon with amortizations up to 25 years subject to the useful life of the asset or fully amortized loans up to a maximum of 15 years. Fees – There is a $150 application fee and a 1% servicing fee paid at closing. The borrower is also responsible for paying fees for preparation and recording of loan documents. The application fee may be waived if the loan is a partnership with another public entity that requires an additional application fee. Loan Evaluation – A determination is made as to the merits of the request, the likelihood of repayment and the adequacy of collateral available to secure the financing. Loans are approved based on the reasonableness of the request and the likelihood of repayment by profit generation. No loan is made where the only likely source of repayment is collateral liquidation. Collateral liquidation is a last-resort method of repayment. No one of these factors used in credit evaluation is the sole determining factor in approving or denying a request for financial assistance. All of the analytical tools are used in making the determination. The terms of the loan are structured so as to provide a balance between the needs of the applicant and CEZC. The Micro Loan Program CEZC has implemented a revolving loan program that targets small business startups and expansions in EZ municipalities and downtown census tracts. Loan Guidelines Use of Funds – Funds may be used for inventory, supplies, furniture, fixtures, machinery, equipment, minor renovations and working capital. The funds cannot be used to refinance existing debt. Loan Amounts – Under the micro loan program, small businesses can borrow up to $35,000. Borrower’s Equity – A minimum of 10% is required; however, use of funds determines the amount required. Interest Rate – The interest rate is fixed and is set by the CEZC Board of Directors and will typically not be less than 5%.

UEZ Real Estate 3

Term – Dependant upon the strength of the application and accompanying collateral. Generally, term is a maximum of seven - ten years. Fees – There is a $100 non-refundable application fee and a 1% servicing fee paid at closing. The borrower is also responsible for paying fees for preparation and recording of loan documents. Loan Evaluation – Micro loans are structured at a fixed percentage rate for five – ten years. The CEZC Board of Directors determines the fixed rate annually. Successful applicants will demonstrate the ability to repay the loan, have a good credit history (having no or some negative credit will not necessarily disqualify an applicant), ability to create jobs, occupy existing underutilized real estate and most importantly a realistic business startup or expansion plan. The Vineland UEZ Loan Program CEZC has created a partnership with the City of Vineland and currently implements a revolving loan program that targets small business startups and expansions in the Vineland Urban Enterprise Zone. Loan Guidelines Use of Funds – Funds may be used for inventory, supplies, furniture, fixtures, machinery, equipment, the acquisition of land and buildings, new construction and site improvements, renovations and working capital. The funds cannot be used to refinance existing debt. Loan Amounts – Under the Vineland UEZ loan program, businesses can borrow up to $ 125,000, depending upon the project and business. New or start-up businesses may borrow up to $35,000.00. For loans above $35,000.00, the percent of CEZC funding is determined by the ability to utilize other public/private funding sources and the project’s gap in financing. Borrower’s Equity – A minimum of 10% is required; however, use of funds determines the amount required. Interest Rate – The interest rate is fixed and is set by the CEZC Board of Directors and will generally not be below 5%. Term – Between 7 years and 25 years subject to the useful life of the asset. Fees – There is a non-refundable $ 100 application fee and a 1% servicing fee paid at closing. The borrower is also responsible for paying fees for preparation and recording of loan documents.

UEZ Real Estate 4

Loan Evaluation – Loans are structured at a fixed percentage rate for five years. The CEZC Board of Directors determines the fixed rate annually. Successful applicants will demonstrate the ability to repay the loan, have a good credit history (having no or some negative credit will not necessarily disqualify an applicant), ability to create jobs, occupy existing underutilized real estate and most importantly a realistic business startup or expansion plan. A determination is made as to the merits of the request, the likelihood of repayment and the adequacy of collateral available to secure the financing. Loans are approved based on the reasonableness of the request and the likelihood of repayment by profit generation. No loan is made where the only likely source of repayment is collateral liquidation. Collateral liquidation is a last-resort method of repayment. No one of these factors used in credit evaluation is the sole determining factor in approving or denying a request for financial assistance. All of the analytical tools are used in making the determination. The terms of the loan are structured so as to provide a balance between the needs of the applicant and CEZC. The Bridge Loan Program CEZC has implemented a short-term revolving loan program that provides interim financing, bridging the gap between pre-development costs, construction financing and permanent financing. This loan is usually used in conjunction with EZ tax-exempt bond financing. Applicant must have a commitment for permanent financing in order to receive funding. Use of Funds – Funds may be used for real estate acquisition, predevelopment expenses, new construction, renovations and machinery. Loan Amounts – Loan amounts may be up to a maximum of $500,000. Borrower’s Equity – Loan applicants must contribute the lesser of the total equity that is required for permanent financing or the amount equal to the bridge loan. Interest Rate – Interest rates are based on the structure of the financing and the EZ resident benefit. Interest rates are fixed for the term of the loan, not to exceed two years, and will have a floor of 5%. Term – There is a maximum term of two years. Repayment is usually monthly interest-only payments with a balloon payment due at closing of permanent financing. Fees – There is a $150 application fee and a 1% servicing fee paid at closing. The borrower is also responsible for paying fees for preparation and recording of loan documents.

UEZ Real Estate 5

Loan Evaluation – A determination is made as to the merits of the request, the likelihood of repayment, commitment for permanent financing, and collateral available. This money is usually the first money in the project so heavy emphasis is placed on the owner’s commitment by way of equity contribution and the benefit to the EZ. The applicant must provide a personal guarantee. The terms of the loan are structured so as to provide a balance between the needs of the applicant and the CEZC. CRITERIA FOR LOAN EVALUATION

Resident Benefit o Number of EZ jobs created o Impact on neighborhood

Leveraged funds o Private sector participation o Amount of gap

Credit History

Financial Capacity to Repay

Equity Contribution

Collateral

Cash Flow Needs (Structuring)

UEZ Real Estate Application #

Cumberland Empowerment Zone Corp. Application for Financial Assistance

Please provide the information requested, using "None" or "Not Applicable" where necessary. If more

space is needed to answer any specific question, attach a separate sheet. A fully completed application

will eliminate unnecessary delays. Return completed application and all required supporting

documentation to the Cumberland Empowerment Zone Corp. along with a non-refundable $150.00

application fee.

I. APPLICANT INFORMATION:

Name: Date of Application: Name of Contact Person/Title: Address (Street/City/Zip):

Telephone Number: Fax Number: Type of Business: Trade Name: Employer's I.D. # : Amount of Financing Requested: Number of Permanent Full-time Jobs Created: Maintained: Total Project Costs: ______________________________ Number of Permanent Part-time Jobs Created: _____ Maintained: _____

II. PROJECT LOCATION:

Street Address: Municipality: Block (s) and Lot (s): Is this project located within the Vineland Urban Enterprise Zone? Yes No

Is your business UEZ certified? Yes No

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III. PROJECT DESCRIPTION: (One Page)

(Please include a brief history and discussion of the project's benefit to the Urban Enterprise Zone and its residents)

UEZ Real Estate

3

IV. BUSINESS INFORMATION:

A. Business Organization: Corporation Partnership Sole Proprietorship LLC Other

If incorporated, State: ____ Date Founded: ____ Years in Continuous Operation: ____ B. Is the applicant a subsidiary, direct or indirect affiliate of any other organization? Yes No If yes, indicate name, address, employer I.D. number, related organization and relationship. C. List all officers and partners of the applicant. Also list all principals and stockholders of the applicant

owning 10% or more of the project. If the applicant is a publicly held corporation, please provide the latest proxy statement indicating stock ownership and 10-k.

D. Provide the names and business addresses of all other companies, partnerships, proprietorships, or business associations in which such person or entities listed in items B and C above holds interest, stock, or ownership, and the percentage of such ownership.

E. Does the applicant or any principal of the applicant have any familial or business relationship with any member of the Empowerment Zone Board of Directors, Advisory Board or staff?

Yes No If yes, please provide information regarding the relationship. F. Please answer the following for any persons or entities listed in A, B, C, and D above. If the answer is yes

to any of the following questions, provide details on a separate page titled Exhibit IV. F.

1. Has been, or is now, charged with, convicted of, under indictment, on parole or probation, or a plaintiff in, any criminal or civil offense other than a minor motor vehicle violation?

Yes No

2. Has been, is now subject to or has pending, any disciplinary action or order resulting from criminal, civil or administrative proceedings by any administrative, governmental or regulatory body? Yes No

3. Has been, or is now denied a business-related license or had it suspended or revoked by any

administrative, governmental or regulatory agency? Yes No 4. Has been or is now disbarred, suspended or disqualified from contracting with federal, state or

municipal agency? Yes No

UEZ Real Estate

4

V. BANKING, ACCOUNTING AND LEGAL PROFESSIONALS: (Provide applicant information)

Banking:

Name of Institution(s):

Address:

Contact Person/Title:

Telephone Number Fax Number

Accounting:

Name of Firm:

Address:

Contact Person/Title:

Telephone Number Fax Number

Legal:

Name of Firm:

Address:

Contact Person/Title:

Telephone Number Fax Number

VI. PROJECT INFORMATION: (Complete A & B if project involves construction, renovation or purchase of buildings)

A. Project Site (Land) (If applicable) 1. Indicate approximate size in acres or square feet: 2 Are there buildings now on the project site? Yes No

Provide number and size in square feet for each building. 3. What is the present use of the site?

UEZ Real Estate

5

VI. PROJECT INFORMATION

4. Indicate the present owner of the site.

Name: Contact Person:

Street Address:

Telephone Number: Fax Number:

5. If the applicant is not the owner of the project site, does the applicant have site control for the project

site? Yes No Please provide the following information: a. Date the site control agreement was signed with owner.

b. The purchase price of the project site.

c. The expiration date of the site control agreement.

d. Attach executed copy of the site control agreement as Exhibit VI.A.5.D.

6. If the applicant is not the owner of the project site, does the applicant now lease the project site

and/or buildings on the site? Yes No Attach an executed copy of the lease. 7. Is there a relationship, legally or by virtue of common control, between the applicant/proposed

occupant of the project and the present owner of the project property? Yes No If yes, describe this relationship. 8. Are there environmental conditions, a DEP letter of non-applicability, and/or ECRA compliance

approvals that require regulatory approvals or permits? Have you completed a preliminary assessment in accordance with NJAC 7:26E-3.1? Yes No

If yes to either question above, provide information and attach as Exhibit VI.A.8. 9. Is the project property located in a historic district or listed in the New Jersey or National Registers of

Historic Places? Yes No If yes, please provide information.

UEZ Real Estate

6

VI. PROJECT INFORMATION (Circle Appropriate Response)

B. Buildings (Provide information in square feet)

1. Does the project involve the acquisition of an existing building(s)? Yes No If yes, indicate the number and size of the building(s). 2. Does the project consist of the construction of a new building(s)? Yes No Provide number and size of the new building(s). Attach a copy of local site plan approval. 3. Does the project consist of additions and/or renovations to existing buildings? Yes No

Provide size of the addition and/or nature of the renovation. Attach a copy of local site plan approval. 4. Does the project require the relocation of residents and/or businesses? Yes No If yes, please provide the proposed relocation plan and timetable. 5. Has construction work on the project begun? Yes No 6. Has a local building permit been issued? Yes No 7. Anticipated date to begin construction: 8. Describe in detail the principal uses of the building(s) by the project occupant(s). If required, use a

separate sheet and title Exhibit VI.B.8. 9. Anticipated project operation start-up date:

C. Environmental Review:

1. Describe the project. Indicate the number of housing units or square feet of non-residential space to be assisted, and/or acreage to be developed. Include street address, Lot and Block Number:

2. Identify the location of the proposed project. Attach photographs of the property (including all sides of building if applicable, and photo of street) and adjacent properties.

3. Indicate the present and proposed use of the property:

Present use: _________________________________________

Proposed Use: ________________________________________

UEZ Real Estate

7

4. Which of the following activities are being proposed? Check one or more.

a. Lease of Existing structures______ b. Acquisition of existing structures_____ c. Minor Rehabilitation or repair of existing structures_______ d. Major rehabilitation or improvement of existing structures______ e. New construction (including demolition), conversion or infrastructure improvements_____ f. Acquisition of undeveloped land for future development______

5. Report the repair/rehabilitation costs and related property values, only if repair or rehabilitation of existing structures is proposed:

a. Property value before repair/rehab $____________ b. Repair/rehab costs (est.) $___________ c. Property value after repair/rehab $____________

6. Are there any physical or environmental conditions that are or may indicate a significant impact on the human environment? Indicate: No , Uncertain , or Yes .

7. Respond to these questions.

(a) For leasing of existing structures: Complete questions #1 through 4 only.

(b) For acquisition of existing structures: Complete questions #1 through 6 only.

(c) For minor rehabilitation and repair of existing structures: Complete questions #1 through 6 only.

(d) For new construction(including demolition), acquisition of land for development, acquisition of undeveloped land, conversion from one land use to another, infrastructure improvements, or major rehabilitation and improvement (unless otherwise noted) of existing buildings, answer questions #1 through 9.

Questions:

(If the answer to any of the following questions is “yes” please provide an explanation) #1 Is the property contaminated by toxic chemicals or radioactive materials? Indicate: YES or NO________ #2 Is the property located within 3,000 feet of a toxic or solid waste land fill site? Indicate: YES_____ or NO ________

#3 Does the property have an underground storage tank? Indicate: YES ______ or NO _______ #4 Is the property located within a flood hazard area or designated wetland?

UEZ Real Estate

8

Indicate: YES or NO_________ #5 Is the property in a location requiring flood insurance protection? Indicate: YES or NO_________

Estimated coverage amount of flood insurance $__________ Indicate coverage period: Year in which flood insurance policy is to start:___________ Year in which flood insurance policy is to stop:___________ #6 Is the property located within an airport runway clear zone at a civil airport or within a clear zone or accident potential zone

at a military airfield? Indicate: YES or NO________ #7 Is the property located near hazardous industrial operations handling fuels or chemicals of an explosive or flammable nature? Indicate: YES or NO_______ #8 Is the site located within:

i) 1,000 feet of a major noise source, road, or highway ii) 1 mile of a civil or 5 miles of a military airfield iii) 3,000 feet of a railroad

Indicate: YES______ or NO _______

#9 Is the project located near, or will it affect, the residences of any minority or low-income populations? Indicate: YES_____ or NO_______

D. Equipment 1. List each item of new equipment to be acquired as part of the project.

Type Purchase Price

2. List each item of used equipment to be acquired as part of the project.

Type Estimated Value Age

UEZ Real Estate

9

UEZ Real Estate

10

VII. PROJECT COSTS

A. Description of Costs

Category Item Amount Total per Category

Land/Building Acquisition Land $

Building

Total Land/Building Acq. $

Site Work ECRA Clean-Up $

Grading

Paving

Walkways

Landscaping

Storms & Sanitary Sewers

Other Site Work

Contingencies

Total Site Work $

Construction/Renovation Carpentry $

Electrical

Foundation

HVAC & Mechanical

Masonry

Plumbing

Structural/Misc Steel

Other

Contingencies

Total Construction/Renovation $

Soft Cost Appraisals $

Architect/Engineers

Commissions - Real Estate

Construction Management

Consultants

Development Fee

Fees & Permits

Insurance

Interest during Construction

Legal

Loan Fees

Marketing

Developer’s Overhead

R.E. Taxes during Construction

Relocation Costs

Survey

Title Insurance

Other

Contingencies

Total Soft Costs $

UEZ Real Estate

11

TOTAL PROJECT COSTS $

UEZ Real Estate

12

VIII. EMPLOYMENT IMPACT (Permanent Jobs)

As a condition of funding, employment opportunities must be coordinated through the Cumberland County Office of Employment and Training.

Job Descriptions: (Provide a brief description of the specific occupational titles that correspond to the new jobs to be created as a result of this funding request, together with estimated annual wages to be paid for each title. Be specific (i.e.) 2 Secretarial positions @ $18,000 per year; 1 supervisory personnel @ $35,000 per year.)

Indicate the number of people presently employed and the number that will be employed at the project, at the end of the first year and second years after the project has been completed (do not include construction workers). All projections should be accurate, conservative and achievable. All figures should be based upon full-time equivalents (i.e. two half-day workers equal one full-time equivalent.)

Type of

Position

On Site at Present First year after Completion Second Year after Completion

Total Created Maintained Total Created Maintained Total Created Maintained

Professional

Managerial

Technical

Skilled

Semi-Skilled

Unskilled

TOTALS

How many of the above employees are Empowerment Zone residents? How many future employees do you anticipate to hire from the Empowerment Zone? __________

UEZ Real Estate

13

IX. COLLATERAL

A. Primary Residence: own rent

If own, please complete: sole owner joint ownership w/ Address:

Block(s) & Lots(s):

Approximate Market Value*: $_______________

Outstanding Mortgage: $_______________ (attach most recent mortgage statement)

Estimated Equity (Market Value – Outstanding Mortgage): $______________

B. Business Property: own rent

If own, please complete: sole owner joint ownership w/ Address: Block(s) & Lots(s):

Approximate Market Value*: $_______________

Outstanding Mortgage: $_______________ (attach most recent mortgage statement)

Estimated Equity (Market Value – Outstanding Mortgage): $______________

C. Other Available Collateral: (List) Cash Securities, Equipment, Other: (Include description, value and appraisal, if applicable) Real Estate:

Address:

Block(s) & Lots(s): Approximate Market Value*: $_______________

Outstanding Mortgage: $_______________ (attach most recent mortgage statement)

Estimated Equity (Market Value – Outstanding Mortgage): $______________ As primary collateral, equity must be available for first or second lien position and may be utilized as

secondary collateral regardless of equity value. *Attach an appraisal for the property. If an appraisal is unavailable, provide a letter signed by a reputable

real estate broker or professional stating the property’s current market value and a copy of your most

UEZ Real Estate

14

recent property tax statement showing assessed value. The need for an appraisal will be evaluated for each application.

UEZ Real Estate

15

X. SOURCES AND USES OF FUNDS

List all sources of financing to be utilized for this project including equity contributions, private financing and other public resources. Attach executed funding commitments for each of the entities providing capital to fund this project.

Source

Amount

Commitment

Expiration Date

Describe Use of Funds

Equity

Contribution

Private

Financing

Public Financing

EZ Funding

TOTAL

UEZ Real Estate

16

CERTIFICATION OF APPLICATION: Eligibility for financial assistance is determined by the information presented in this application and the required attachments and exhibits. Any changes in the status of the proposed project from the facts presented herein could disqualify the project. Only the governing entity of the participating agency(s) may take action to determine project eligibility and to authorize the issuance of funds.

By signing below, I, certify that all information and statements made in reference to this application are, to my knowledge, true and complete, and I understand that if such information is willfully false, I may be subject to prosecution. By signing below, I also authorize Cumberland Empowerment Zone Corp.(CEZC) to investigate my/our personal and business financial credit history as necessary to process a loan application. The undersigned authorize any person or consumer reporting agency to give CEZC any information it may have on the undersigned. The Undersigned, in applying for financial assistance from CEZC, recognizes that prior to receiving any financial assistance he or she will agree to comply with all federal, state and local laws and regulations to the extent that such are applicable.

Signature:

Title

Date:

THE GOVERNING ENTITY OF THE PARTICIPATING AGENCY(S) AND/OR CORPORATION(S)

RESERVES THE RIGHT TO DETERMINE WHICH PROJECTS TO FINANCE AND TO AMEND THESE

GUIDELINES AT ANY TIME.

UEZ Real Estate 1

PERSONAL FINANCIAL STATEMENT AS OF _____________ Date

SUBMITTED TO: CUMBERLAND EMPOWERMENT ZONE CORPORATION

PERSONAL INFORMATION

APPLICANT (NAME) CO-APPLICANT (NAME)

Employer Employer

Address of Employer Address of Employer

Business Phone No. No. of Years with Employer

Title/Position Business Phone No. No. of Years with Employer

Title/Position

Name of Previous Employer and Position (if with current employer less than 3 yrs.)

No. of Yrs. Name of Previous Employer and Position (if with current employer less than 3 yrs.)

No. of Yrs.

Home Address Home Address

Home Phone No. Social Security No.

Date of Birth Home Phone No. Social Security No. Date of Birth

Name/Phone No. of Your Accountant

Name/Phone No. of Your Accountant

Name/Phone No. of Your Attorney

Name/Phone No. of Your Attorney

Name/Phone No. of Your Investment Advisor/Broker

Name/Phone No. of Your Investment Advisor/Broker

Name/Phone No. of Your Insurance Advisor

Name/Phone No. of Your Insurance Advisor

Cash Income and Expenditures Statement for Year Ended ________________ (omit cents)

ANNUAL INCOME AMOUNT ($) ANNUAL EXPENDITURES AMOUNT ($)

Salary (Applicant)

$ Federal Income and Other Taxes $

Salary (Co-applicant) State Income and Other Taxes

Bonuses & Commissions (Applicant) Rental Payments, Co-op, or Condo

Maintenance

Bonuses & Commissions (Co-applicant)

Mortgage Payments Residential

Investment

Rental Income Property Taxes Residential

Investment

Interest Income

Interest & Principal Payments on Loans

Dividend Income Insurance

Capital Gains

Investments (including tax shelters)

Partnership Income Alimony/Child Support

Other Investment Income Tuition

Other Income (list)** Other Living Expenses

Medical Expenses

Other Expenses (list)

TOTAL INCOME

$

TOTAL EXPENDITURES $

Any significant changes expected in the next 12 months? Yes No (if yes, attach information) **Income from alimony, child support or separate maintenance income need not be revealed if the applicant or co-applicant does not wish to have it considered as a basis for repaying this obligation.

UEZ Real Estate 2

Balance Sheet as of ________________________________

ASSETS AMOUNT ($) LIABILITIES AMOUNT ($)

Cash in This Bank

(including money market accounts, CDs)

$

Notes Payable to This Bank

Secured

X X X

$

Cash in Other Financial Institutions (list)

(including money market accounts, CDs)

Unsecured

Notes Payable to Others (Schedule E) X X X

Secured

Unsecured

Accounts Payable (including credit cards)

Margin Accounts

Readily Marketable Securities (Schedule A) Notes Due: Partnership (Schedule D)

Non-Readily Marketable Securities (Schedule A) Taxes Payable

Accounts and Notes Receivable Mortgage Debt (Schedule C)

Net Cash Surrender Value of Life Insurance (Schedule B) Life Insurance Loans (Schedule B)

Residential Real Estate (Schedule C) Other Liabilities (list)

Real Estate Investments (Schedule C)

Partnerships/PC Interests (Schedule D)

IRA, Keogh, Profit-sharing and Other Vested Retirement Accounts

Deferred Income (number of years deferred ____)

Personal Property (including automobiles)

Other Assets (list)

TOTAL LIABILITIES

NET WORTH

$ $

CONTINGENT LIABILITIES YES NO AMOUNT

Are you a guarantor, co-maker or endorser for any debt of an individual, corporation or partnership?

$

Do you have any outstanding letters of credit or surety bonds?

Are there any suits or legal actions pending against you?

Are you contingently liable on any lease or contract?

Are any of your tax obligations past due?

What would be your total estimated tax liability if you were to sell your major assets?

If yes for any of the above, give details.

Schedule A – All Securities (including non-money market mutual funds)

No. of Shares

(Stock) or Face Value

(Bonds)

Description Owner(s) Where Held Cost

Current

Pledged

Market Value

Yes

No

Readily marketable Securities (including U.S. Government and Municipals)*

Non-Readily Marketable Securities (closely held, thinly traded or restricted stock)

*If not enough space, attach a separate schedule or brokerage statement and enter totals only.

UEZ Real Estate 3

Schedule B – Insurance Life Insurance (use additional sheet if necessary)

Insurance Company

Face Amount of

Policy

Type of Policy

Beneficiary

Cash Surrender

Value

Amount Borrowed

Ownership

Disability Insurance Applicant Co-applicant

Monthly Distribution if Disabled

Number of Years Covered

Schedule C – Personal Residence & Real Estate Investments, Mortgage Debt (majority ownership only)

Personal Residence Purchase Loan

Property Address Legal

Owner

Year

Price Market Value

Present Loan Balance

Interest Rate

Maturity Date

Monthly Payment

Lender

Investment Purchase Loan

Property Address

Legal

Owner

Year

Price

Market

Value

Present

Loan Balance

Interest

Rate

Maturity

Date

Monthly

Payment

Lender

Schedule D – Partnerships (less than majority ownership for real estate partnerships)*

Type of Investment

Date of Initial

Investment

Cost

Percent

Owner

Current

Market Value

Balance Due on Partnerships:

Notes, Cash Call

Final Contribution

Date

Business/Professional (indicate name)

Investments (including tax shelters)

*NOTE: For investments which represent a material portion of your total assets, please include the relevant financial statements or tax returns, or in the case of partnership investments or S-corporations, schedule K-1s.

Schedule E - Notes

Due to Type of Facility Amount of Line Secured

Collateral Interest

Rate Maturity Unpaid

Balance Yes No

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Please Answer the Following Questions:

1. Income Tax returns filed through (date) __________________________. Are any returns currently being audited or contested? Yes No

If yes, what year(s)? ____________________________________________________________________________________________________ 2. Have (either of) you or any firm in which you were a major owner ever declared bankruptcy? Yes No

If yes, please provide details: ______________________________________________________________________________________________

3. Have you drawn a will? Yes No If yes, please furnish the name of the executor(s) and year the will was drawn: _____________________________________________________

4. Number of dependents (excluding self) and relationship to applicant ______________________________________________________________ 5. Have you ever had a financial plan prepared for you? Yes No

6. Did you include two years federal and state tax returns? Yes No

7. Do (either of) you have a line of credit or unused credit facility at any other institution(s)? Yes No

If so, please indicate where, how much, and name of banker: ___________________________________________________________________ ______________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________ 8. Do you anticipate any substantial inheritances? Yes No

If yes, please explain: ___________________________________________________________________________________________________

_____________________________________________________________________________________________________________________

Representations and Warranties

The information contained in this statement is provided to induce you to extend or to continue the extension of credit to the undersigned or to others upon the guarantee of the undersigned. The undersigned acknowledge and understand that you are relying on the information provided herein in deciding to grant or continue credit or to accept a guarantee thereof. Each of the undersigned represents, warrants and certifies that the information

provided herein is true, correct and complete. Each of the undersigned agrees to notify you immediately and in writing of any change in name, address or employment and of any material adverse change (1) in any of the information contained in this statement or (2) in the financial condition of any of the undersigned or (3) in the ability of any of the undersigned to perform its (or their) obligations to you. In the absence of such notice or a new and

full written statement, this should be considered as a continuing statement and substantially correct. If the undersigned fail to notify you as required above, or if any of the information herein should prove to be inaccurate or incomplete in any material respect, you may declare the indebtedness of the undersigned or the indebtedness guaranteed by the undersigned, as the case may be, immediately due and payable. You are authorized to make all inquiries yo deem necessary to verify th accuracy of the information contained herein and to determine the credit-worthiness of the undersigned. The

undersigned authorize any person or consumer reporting agency to give you any information if may have on the undersigned. Each of the undersigned authorized you to answer questions about your credit experience with the undersigned. As long as any obligation or guarantee of the undersigned to you is outstanding, the undersigned shall supply annually an updated financial statement. This personal financial statement and any other financial or other information that the undersigned give you shall be your property.

___________________________________ _______________________________________________________

Date Your Signature ___________________________________ _______________________________________________________ Date Co-applicant’s Signature (if you are requesting

the financial accommodation jointly)

UEZ Real Estate

CUMBERLAND EMPOWERMENT ZONE BUSINESS PLAN CHECKLIST –UEZ REAL ESTATE

I. TITLE PAGE

II. TABLE OF CONTENTS

III. EXECUTIVE SUMMARY (maximum two pages) A. Purpose Statement

B. Business Potential C. Proposed Activities D. Financial Requirements

IV. COMPANY DESCRIPTION

A. Business Identification B. Services Offered C. Business Background and History

D. Future Direction

V. MARKET ANALYSIS AND EVALUATION A. Industry Perspectives (trends and forecast)

B. Competition (strengths and weakness) C. Customer Demographic Profiles

VI. MARKETING PLAN A. General Approach to the Market

B. Marketing Strategy C. Promoting the Company

D. Pricing VII. MANAGEMENT PLAN

A. Organizational Structure B. Key Management Experience (résumé)

C. Personnel and Training Requirements D. Facility and Operating Plan

VIII. FINANCIAL PLAN A. Financial Statements (three years to present)

B. Ten Year Pro Forma (including all assumptions) C. Explanation Of Use and Effect Of New Funds

D. Sources Of Funding Or Potential Funding (including equity contribution)

IX. APPENDICES AND SUPPORTING DATA

UEZ Real Estate 1

CUMBERLAND EMPOWERMENT ZONE APPLICATION FOR FINANCIAL ASSISTANCE

LIST OF EXHIBITS

Applications will not be processed until all required exhibits are submitted.

Completed applications will be reviewed 30-60 days after submission of all required exhibits.

Applicant: _____________________________________________ Project Name: __________________________________________ Exhibit # The following information is required:

1. _____ A cover letter, summarizing the application. Include a statement regarding

the need for assistance and the type of assistance required.

2. _____ Completed Application for Financial Assistance

3. _____ Map of the city indicating location of project within the Vineland

Urban Enterprise Zone 4. _____ Completed UZ-5-SB-A form and Proof of UEZ Certification (or proof

application for certification has been filed) 5. _____ Certificate of Incorporation or Partnership Agreements (if applicable)

6. _____ Business financial statements and/or tax returns for previous three years

(if applicable) 7. _____ Personal financial statement and federal tax returns for past two years

from all owners with 20% or more ownership

8. _____ Business Plan (for businesses with less than two years history) _____ Executive Summary _____ Company Description

_____ Market Analysis and Evaluation _____ Marketing Plan

_____ Management Plan _____ Financial Plan

_____ Appendices and Supporting Data 9. _____ COLLATERAL INFORMATION: For real estate: Deed for residence,

Information regarding mortgage liens on property, Copy of latest Mortgage Statement, Appraisal and/or most recent property tax statement. For equipment: List of

UEZ Real Estate 2

equipment and purchase date, equipment appraisals, information regarding liens on equipment.

10. _____ Financial commitment letters (if applicable)

11. _____ Project floor plans, site plans and approvals (if applicable)

12. _____ Project’s development timetable

13. _____ Evidence of project site control

14. _____ Environmental/regulatory approvals and/or historical designation 15. _____ Cost estimates for construction and/or renovation work to be performed

16. _____ Non-refundable application fee (if applicable)