Vital Forethought Consulting - Collaboration Site
Vital - Up Community Fund Business Process
Vital sources deals for the fund. Here is their web site: Up Community Fund
Your business relationship is with Vital.
Potential Borrower Profile and Use of Funds
Loan Amount: $250,000 to $1.2 million
Loan Term: Up to 3 years
Loan Approval Process: Approximately 30 days after submission of due diligence package
At least 1 year in business
Annual sales of $300,000
Main business location - Southeast and Mid-Atlantic regions, St. Louis Metro
Use of Loan Funds
General working capital
Inventory, equipment, or fixed assets
Refinance or consolidate debt
Now that I have my foot (as opposed to my big toe) back in the water, here are my recommendations for the business process of generating leads that minimize the brain damage for the UPCF underwriting team. The goal is to give UPCF sufficient information to provide a quick no or a thoughtful yes.
Everyone please review and comment.
Here is the business process:
- Alphonso, Oliver, Rodney, Paul identify the potential borrowers for UPCF.
- The next step is the delivery of the confidentiality agreement.
- Once the confidentiality agreement is signed by both parties the investment profile questions and financial snap shot are delivered to the potential borrower.
- I will update the initial investment profile questions and submit them for approval to UPCF Monday.
- The questions are a result of conversations with several potential borrowers over the past couple of weeks. Constant review and improvement are Vital's SOP.
- If the potential borrower is interested they must complete the one page investment profile and financial snap shot.
- Investment Profile Spreadsheet Link.
- Financial Statement Preparation and Submission Stipulations: (Recommendations)
- Must have professional bookkeeper on staff and technical assistance relationship via SBDC.
- Or CPA prepared financials statements
- and cash management relationship with a UPCF approved bank, i.e. sweep account for revenue collection.
- We recommend the above items be included in all loan documents. They are a shortlist of criteria I used when I was Chief Loan Officer for City of Atlanta Housing and Business loan funds. I had to dig through some boxes and knock the dust off several notebooks. Paper never forgets.
- Upon completion Alphonso will upload the initial profile documents and any due diligence documents as requested by UPCF. The link to the web site https://thevitalportal.com/web/upcf is live. It is not a public web site. UPCF credentials will be issued on Monday.
- The only people with access to this site are the UPCF representatives and Alphonso Whitfield. Thus any problems encountered are directed to me.
- Communications between Alphonso, Oliver, Rodney and Paul will occur here.
- This is where we discuss and determine which deals have met the initial criteria required by UPCF.
- There is no compromise on the document submission requirements of UPCF.
- If the fund wants to move forward they will say so in writing
- Oliver, Rodney and Paul our activities are limited to coordination of communications between the fund and the borrower only after the investment profile and the financial snap shot are delivered and reviewed with a favorable response.
- Technical assistance relationships are approved on a case by case basis by UPCF.
- Our job is to filter/limit the communications and collect the documents.
- We will not send the documents required on the due diligence checklist until all of the documents have been compiled and match those requested.
- Once the compilation of due diligence document request is complete and delivered to the fund, then you can set up interviews (face to face and Virtual) with the fund underwriters as instructed.
Everyone please review and comment. Thanks.
Alphonso Whitfield III President Vital Inc. 229-588-0075 Vital Inc. 229-262-4400 MyVitalTV 229-256-4149 Fax The Vital Portal Vital Xerox Small Office Savings Program Coming Soon: MyVitalTV
- Your compensation $50 draw per month against commission
- Commission 0.5% of gross loan proceeds.