SBA Eligibility Questionnaire for Standard 7(A) Guaranty - SEED Corp

DEBT REFINANCING ADDENDUM WORKSHEET (Addendum E, Page 2)Complete a separate table and respond to all questions for each debt to be refinanced. Print multiple copies of thisworksheet as necessary.Existing Loan TermsCreditor Name:Borrower Name:Proposed Loan TermsCreditor Name:Borrower Name:Current Loan Balance: Refinance Amount: *Current Interest Rate:Original Loan Term:Proposed Interest Rate:Proposed Loan Term:Current Payment Amount:Proposed Payment Amount:*** This amount should be the same as the current loan balance (plus prepayment penalty) that you are refinancing, NOT the total amount of the SBAloan.** The proposed payment amount is calculated based on the refinance amount not the total SBA loan amountSavings Amount per month:Savings Percentage:Collateral that Secures the Exiting Loan:Questions to address:1. Why was the debt incurred? What was the original use of proceeds? (If the loan purpose was to refinance anotherdebt, lender must address the original use of that debt.)2. Neither over-obligated nor imprudent debt scheduling has necessitated a major restructuring of this debt.TRUEFALSE3. How will the new loan improve the financial condition of the business and how will refinancing benefit the applicant?4. The debt is currently on unreasonable terms. TRUE FALSEIf “False”, the refinance is ineligible. If “True”, explain why the debt is unreasonable.5. The refinancing will not include payments to creditors in a position to sustain a loss due to either an inadequatecollateral position or low or deficit new worth. TRUE FALSEIf “False”, explain how additional collateral or altered terms will protect the interest of the agency:Version 50 10 5(D) – Revised 11-1-201114