Small Business Boost Monitoring
It is the member's responsibility to monitor the performance of the loan. In year two, FHLB Dallas will request a Performance Management Review be completed to confirm compliance with the SBB program including the number of jobs created or retained.
Small Business Boost Loan RepaymentThe member should collect repayments from the small business in accordance with the amortization schedule provided by FHLB Dallas. Principal and interest payments collected for the SBB loan will be remitted to FHLB Dallas annually. Prior to each annual remittance, FHLB Dallas will confirm the amount due. Program funds are repaid to FHLB Dallas only upon the ability of the small business to make these payments to the member.
FHLB Dallas should be notified immediately of any loan payments that are 60 days or more past due. In the case of loan default, the member should commence reasonable collection efforts for the member loan and SBB loan. If there are insufficient funds to repay the SBB loan, a written notification detailing the recovery process must be provided to FHLB Dallas.