In 2017, DEFA’s Office of Financial Assistance (OFA) will offer a new user-friendly consolidated loan application. Communities will use one application to apply for a Water Pollution Control Loan Fund (WPCLF) loan or a Water Supply Revolving Loan Account Loan (WSRLA) loan. The application can be used for any type of loan within the programs, like planning activities, design of a project, construction, or a supplemental loan. In the past, separate applications for each type of project within the WPCLF and WRSLA were required, sometimes resulting in multiple separate applications and some confusion about what information and which application was needed.
In the new application, communities will indicate which funding program (water or wastewater) they are seeking a loan from, then indicate the type of loan needed. After checking the appropriate box on the first page, this information will be “autofilled” into other sections of the application, eliminating the need to repeat information and reducing the chance of error.
Overall, the same amount of information is required in the new application. There are a few exceptions, such as a new “Contact Information Section.” This new section provides OFA staff information on which community team member receives what type of loan document. Such as who receives the executed loan agreement, who should be contacted about disbursement requests, or who is the consulting engineer for the community. In addition, the “Revenue Analysis Section,” requires the same amount of financial information, but some categories may be further subdivided. Such as what debt exists and what are the annual repayments on the debts. The new application ties in information needed on the “Projection of Revenues and Expenses,” which provides the financial picture of revenues coming in, current and known future debt, and how the new loan repayment factors into the life of the loan. Some items will “autofill” in this from earlier entries and, there are some formulas built into the application making calculations easier.
The new application contains short explanations on the application, and there are new instructions to go along, describing section by section what information is needed. To download the new application form and corresponding instructions, please see the Rules/Documents tab on DEFA’s website. We will have more announcements and opportunities to learn about the new application. Communities that have already submitted a WPCLF or WSRLA application for a loan scheduled early in 2017 will not be asked to use the new application. For more information or questions on the new loan application contact Mary Mariani at firstname.lastname@example.org or (614)644-3650.