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SECTION VIIIREVOLVING LOAN FUND CLOSEOUT PROGRAMSECTION VIIIFUNDING OPPORTUNITY INFORMATIONThis Application is for the use of federal Community Development Block Grant (CBG) Funds through the State
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How to fill out revolving loan closeout program

01
To fill out a revolving loan closeout program, follow these steps:
02
Gather all necessary documents related to the loan, such as the loan agreement, repayment schedule, and any applicable financial statements.
03
Review the terms and conditions of the revolving loan agreement to understand the requirements for closing out the loan.
04
Determine the outstanding balance on the loan, including any accrued interest or fees.
05
Prepare a written request to the lender, stating your intention to close out the revolving loan and providing all necessary documentation.
06
Submit the request to the lender, either through mail, email, or any other approved method of communication.
07
Wait for a response from the lender, who will review your request and verify the information provided.
08
If approved, the lender will provide instructions on how to proceed with the loan closeout process, which may include making a final payment or executing certain legal documents.
09
Follow the lender's instructions and complete all necessary actions to close out the loan.
10
Obtain written confirmation from the lender that the loan has been officially closed out.
11
Keep a copy of all correspondence and documentation related to the loan closeout for future reference or auditing purposes.

Who needs revolving loan closeout program?

01
Revolving loan closeout program is needed by individuals or businesses who have taken out a revolving loan and want to pay off the loan completely.
02
It is also suitable for those who no longer require the revolving loan facility and wish to close it out to avoid any further interest or fees.
03
The program is applicable for borrowers who have fulfilled the repayment obligations of the revolving loan and wish to formally close the loan account.

What is Revolving Loan Closeout Program - Illinois.gov - www2 illinois Form?

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Revolving loan closeout program is a process to finalize and close out a revolving loan agreement.
The borrower or the entity that received the revolving loan is required to file the closeout program.
To fill out the revolving loan closeout program, the borrower needs to provide information about the final loan amount, repayments made, and any outstanding balance.
The purpose of the revolving loan closeout program is to officially close out the loan agreement and document the final status of the loan.
The information reported on revolving loan closeout program includes final loan amount, repayments made, outstanding balance, and any additional documentation requested by the lender.
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