Arkansas Development Finance Authority
1) Application: The ADFA Tourism Development Loan application and the application form the participating financial institution are completed by the borrower. These applications give ADFA and the Review Committee the information necessary to determine the prospectís financial strength.
2) Staff Review: The ADFA staff will analyze all completed applications received on or before the first of the month within that same month. Applications received after the 1st shall be evaluated the following month. Evaluations shall be forwarded to members of the Agency Loan Review Team.
3) Agency Loan Review Team: Directors from ADED, Parks and Tourism, and Heritage evaluate the applications and information from ADFA, and then forward comments or objections to the ADFA Credit Committee.
4) Credit Committee: The second Wednesday of each month, the ADFA Credit Committee discusses current applications. The committee will either recommend the application to the ADFA board or reject the application and notify the borrower.
5) ADFA Board Presentation: Recommended applications are presented to the ADFA Board on the 3rd Thursday of each month. The presentation is made during the Executive Session of the meeting and is closed to the public. If the application is approved, closing preparations begin. If the proposal is rejected, the borrower is notified.
6) Letter of Commitment: After approval, the borrower is issued a formal commitment letter outlining the details required for closing the loan.
7) Loan Closing: Once the conditions of the commitment letter are met then a formal closing is held.