[Mark Brodziski] So good afternoon all I’d like to welcome you to our USDA webinar this afternoon on the Business and Industry CARES Act program My name is Mark Brodziski I’m currently serving as the Acting Administrator for Rural Business Cooperative Service Our agency is busy running, heading the Business and Industry program in the CARES Act funding So, we would again, glad to welcome you to our webinar today We see that there are a few yet still logging in So, we’ll have a little introduction phase here and kind of welcome you to the session as others finish up connecting with our webinar this afternoon I’d like to start off with is welcoming a special guest Our Rural Development Deputy Under Secretary [Bette Brand], offer some opening comments and support for all of our rural business and business activities So, Bette, please, over to you [Bette Brand] Okay, thank you so much Mark It is, I appreciate the warm welcome And I really am glad to see so many lenders are here, so many lenders that are joining us today Many of you probably already know about our programs, but probably there are some of you who are new to Rural Development programs And so, we’re really happy to have you here with us today As well, we’re very happy to have some agricultural producers, some producers that would be eligible And so, we will, but we do look forward to the days when we can come again together and meet in person But in the meantime, the technology, we’re happy that the technology enables us to get the job done, and we are getting it done for you and for all our customers in rural America For those of you on the lending side who are already a part of the Rural Development family, you’re familiar with how we support the economy, and the quality of life in America’s small towns and farming communities But some of you on the production side may not, may be new to Rural Development’s programs So, I want to give you a special welcome and a quick 30,000-foot view of the work we do [Bette Brand] Our mission is to help improve the economy and the quality of life in rural America through financial support and investment in business and economic development, community facilities, housing, and infrastructure, which includes water, electricity, and broadband, all very important to our rural communities This new loan guarantee under the B&I CARES Act directly supports this mission, and as Secretary Perdue said in his announcement last week, “providing this much needed capital in these unprecedented times is a cornerstone of our commitment to all aspects of the rural economy.” So, on behalf of the Rural Development team, I want you to know that we will work tirelessly beside you to put this critical funding to work as soon as possible Together, this work will result in over $1 billion in loan guarantees leveraged to positively impact our rural economy I know how much your communities need this help Most of us who work for Rural Development either live in or grew up in the areas we support We take our work personally, and it means a lot to us So, this is a very challenging time for our country, and your federal government has taken unprecedented steps to help Americans through this economic devastation of the COVID-19 pandemic The CARES Act did not forget rural America, and I commend Congress for channeling this critical support through our office It is what we are made to do So now I’ll turn things back to Mark and the team to dig into the details, and thank you for having me with you today [Mark Brodziski] Very good Thank you, Bette Kate, do you want to walk through, look at some of the housekeeping? Speaking via the chat box and other housekeeping efforts here? [Kate] Absolutely Thank you, Mark And we are glad to have each of you join us today You’ve entered this webinar with all participant audio lines muted We do encourage you to ask questions throughout the webinar using the chat box It is located at the bottom right of your screen We will pause occasionally to address those questions And we’ll close with a Q&A session Within 48 hours, you’ll receive an email with the link to access both the webinar recording and the PowerPoint So, thank you again for taking time to join us and back to you Mark [Mark Brodziski] Very good, thank you Kate All right So, our agenda today, so we’re going to try to do is focus a little bit of a touch on

our broader Business and Industry program, just a quick overview of some of the program But we’re going to spend most of our time this afternoon talking about a few of the special features of what we’re referring to as the Business and Industry CARES Act program And as we speak, we’re going to use those two terms, really to differentiate the two By two terms the mean the Business and Industry program being our standard program, and the B&I CARES Act program being the new funds that are available through the CARES Act upon which we stood up as really as a separate program from the B&I program The CARES Act program is based on the foundation of the B&I See, you’ll hear us kind of cross referencing between the two a little bit as we walk through the program overviews We’re going to kind of wrap up with a little bit of conversation about the application process for those that are not familiar with our Business and Industry or the Rural Development programs And talk about our resources, as additional resources to help support Any other additional questions you have after today, or if you need some technical assistance, understanding the program or processes as we go forward We know our audience today is pretty broad As we’re kind of monitoring some of the questions coming in We’re already seeing some questions from I think some of the names and some of the lenders that we recognize as being active in our programs, the B&I program But we know that we also have a large number of lenders that are not active in the B&I program, or are also lenders or borrowers under the Ag production program So we’re glad to welcome you to this webinar, we’re going to do our best to always talk a little bit on the foundation side of the programs, to make sure that we’re not diving too far into details or giving you a good understanding of how the programs and processes work as we go forward We’re going to be kind of monitoring the questions as we go through just to get a sense of kind of what is being understood or where the challenges are as we talk, so we’ll be glad to continue monitoring and addressing that We also have a couple of guests available for answering questions from the Farm Service Administration And we’ll be talking a little bit as to how this, our B&I CARES Act program can supplement or complement some of the FSA programs So, if we have questions or discussion that we need some expertise from FSA, we also have them on the line with us to help with that Okay, so for a little bit of background on the B&I program itself, the Business and Industry program so again, this is our standard program It has been around now for, if I do my math right about 50 years, starting in the early 70s The program itself typically provides guarantees for longer term financing usually it’s a financing for real estate, real estate improvements, buildings, equipment, machinery The program does provide working capital and operating funds But usually that is a kind of a small part of the program We’re using that program as our foundation to stand up the Business and Industry CARES Act program, but we’re making modifications to it And that’s where we’re going to spend most of our focus today We’re talking about where those differences are, and the major difference is that for the B&I CARES Act program, we’re limiting that the loan proceeds can be used only for working capital purposes So, the more traditional purposes of the B&I program such as machinery, equipment, so longer term financing, would not be eligible for the B&I CARES Act program But we could at the same time, you know work with both programs So, a business or a lender yet still could apply for the standard B&I program, for the longer term, equipment, real estate type financing, and could apply for the B&I CARES Act program a loan for the working capital needs simultaneously The B&I program itself, again, the standard program really is available from a business perspective of really any business structure It could be a for profit, nonprofit, a cooperative We do have loans to Indian tribes, to tribal governments, tribal organizations and a couple to public bodies, public entities are also eligible for the program On a for profit basis, it could be a publicly held, publicly traded company We have some larger companies in the program and some smaller companies in the program One of our differentiating factors from the B&I program compared to other government programs, such as SBA, is that we do not have size standards So, we have worked with all sizes of businesses in rural areas, but the key factor is that a business must be located in a rural area for us to be eligible for the B&I program,

and that also carries forward for the B&I CARES Act program From the lender perspective of all eligible lenders, basically are lenders, you have banks, credit unions, farm credit lenders that are chartered and under the supervision of a federal or state agency Automatically eligible, we do not have to go through an approval process or an application process for a lender, simply submit a project application and as we’re reviewing that project application we’ll qualify and record the lender and enroll the lender into our programs We do have some avenues for non-bank lenders and non-depository type lenders to also qualify for the program But non-depository lenders do need to go through an application process that most banks would not As a quick overview of our B&I CARES Act program, the program is assisted by about $20 million, $20 and a half million, it’s subsidy support from the CARES ACT This was passed back in March As part of that Act, Congress told us to expect that, that program would support about a billion dollars of lending authority The extent, they made the funds available through fiscal year of 2021 So little over a year, a year and a half, that the funds would be available Now if the funds are utilized of course prior to then, we’ll have to basically close the program but they’re available up to but not to exceed September 30, 2021 To stand up the program, we published what we’re referring to as an interim final rule So basically, this is an add on to the B&I program, additional rules that we published These are published in the Federal Register on May 22 We’ll show you a link So, if you don’t have those handy is to a link as to where to obtain a copy of the additional rules We published the rules as an interim final, meaning that they’re available for public comment So, if any of you are interested in making comments, either on what’s in the rules or what’s not, any changes or concerns that you have regarding the rules that were stood up for this program, we’re accepting comments up to 30 days, up through June 22 And again, if you at the end of this, we’ll show you a link and that link will take you to a way of making comments and entering comments on the interim rule At the same time of publishing the rule, we also published a notice announcing applications and that applications then now will be accepted in this program A couple of quick highlights Today we’re going to walk through again the changes, kind of what differentiates the B&I CARES Act program from the standard and the regular program This slide here just highlights about seven kinds of the major areas What I’m going to do is just take a quick run through, kind of a high-level approach on these And then I’m going to introduce two of our subject matter experts on our team to walk through a little bit more of a refined detail to each of these As I mentioned earlier, kind of the first one, first bullet on this list is that the primary difference between the B&I CARES Act program and our standard B&I program is under the CARES Act the funds, loan funds are limited to for working capital purposes only Generally, you think of working capital purposes, we’re talking about business operating expenses, but it also includes principal and interest payments on loans So, a principal and interest, a principal payment would normally not be an operating expense, but we are including that as an eligible purpose of within the B&I CARES Act program The program will offer guarantees on commercial loans, the guarantee will be a 90% guarantee for all loans, all loan amounts Our standard program has some, basically some tiers, different levels of guarantees for different size or amounts of loans This program does not So, it’s a 90% for all loans, and we have a guarantee fee So, the guarantee fee is 2% of the guarantee portion that is due to the agency when we issue the guarantee So, it’s basically at loan origination is when the guarantee fee is paid The guarantee fee is, think of it as in essence, an insurance premium helping us support the program As I noted earlier, Congress expected the program to help support about a billion dollars in loan activity And this guarantee fee will help us maintain that program level to help the program serve more clients throughout our rural communities We’re talking about a new eligible purpose for the program

My third bullet here, the B&I program, standard program has been expanded via the CARES Act program to also serve agricultural production But normally, the B&I program would not enable loan funds to be used for Ag production as a sole purpose But under the B&I CARES Act program we do, but we have some restrictions on that, and we’ll talk about that in a little bit more detail We also extended the, the loan terms under working capital loans Under our standard program, a working capital loan is limited to a seven-year repayment term But under the B&I CARES Act program, we extended that to a 10-year term to provide a little more flexibility in scheduling repayment on these loans We are also deviating from our standards on what we, how we would test for an equity or a capital requirement for businesses And we’ll walk through a couple examples with that, trying to again ease the eligibility a little bit for businesses for this program We are also kind of modifying the collateral requirements for loans under the CARES Act program And we’ll go through the details there But basically, we’re allowing that the program could lend up to 100% of loan to value under the B&I CARES Act program And last, we’re also modifying the maximum loan amounts, our standard loan amount under the B&I program of 25 million Generally, would need to qualify for amounts over 10 million, the loans under the standard program between 10 to 25 require some qualifications of priority Under the B&I CARES Act program, we do not have those requirements So simply, the maximum loan amount is 25 million at the absolute maximum But we’ll walk through a couple of examples here of how to calculate the amount of a loan that the borrower would qualify for Again, just to highlight a couple of the provisions, we’re extending maximum terms to 10 year to allow some flexibility Terms could include deferral of principal payments for up to three years, could defer interest They would not pay interest for the first 12 months but interest payment is due The first interest payment has to be due one year from closing loan origination, but some flexibility there on scheduled principal and interest payments And again, just to emphasize that the purpose of the loan is for working capital purposes, just listing through those and we’ll talk a little bit in further detail Again, just to highlight, the program provisions are a 90% guarantee, the 2% guarantee fee is again paid at closing at loan origination and we also have a referred to as an annual renewal fee So, this is a fee of a half a percent, 50 basis points, that is charged on the unpaid principal balance each January 31 So, it’s once a year, again a renewal fee for that guarantee over the life of the loan And that’s a set of fixed amount or fixed rates going forward Okay, so I’m going to turn the rest of the program over to two of our subject matter experts Dave Chestnut, Dave is our Branch Chief of our program management branch So, Dave is busy leading development of the regulations, instructions, the provisions for this program, and helping document and roll that out And then also we have [Aaron Morris] joining us Aaron is the Director of our processing division So basically, the key of our team, leading the team that worked directly with projects with our lenders and basically reviewing of projects rolling forward So, between Dave and Aaron, we’re going to talk a bit more about the details of the provisions of the program, but also talk about the processes kind of rolling forward in regarding the program Alright, so I’m going to turn over, well first take a pause I think have some of my team that kind of monitoring the questions coming in through the chat box Are there any general questions that we want to cover at this point, or should we move on to Dave and providing details? Aaron or Dave, do you have a sense on questions? [Aaron Morris] Okay Mark, [Aaron Morris] (Crosstalk) [Aaron Morris] Go ahead Dave [David Chestnut] No Aaron it’s yours [Aaron Morris] No, I think a lot of the questions we’re going to get to in our presentation [Mark Brodziski] Okay, very good All right So why don’t we switch over to Dave, Dave Chestnut, you want to take over on a little

more detailed discussion on the program provisions Thank you [David Chestnut] Thank you, Mark And thank you everyone for joining us this afternoon and or morning if you’re in our Hawaii or Alaska previews, but we do thank you and want to thank you very much for your interest in the B&I program It means a lot to our rural communities as we go forward and make them more prosperous through these challenging times As Mark mentioned, eligibility, a legal entity is an eligible borrower, including sole proprietors, independent Ag producers are eligible if their loan request is not eligible for FSA financing And we can assume that most of our ineligibility of that purpose is going to be that the borrower, the Ag producer, will exceed the FSA’s $1.776 million loan limit So, we’re going to look at FSA agricultural production purposes But they come in, they have to be ineligible, that will be determined pretty much We don’t think that that’s going to be a hard level to crack over, especially for someone who already has FSA debts that are over there We also if, for example, if an agricultural producer needs $3 million of working capital expenses to get through the economic crisis, we know that, that loan is not eligible for FSA financing [David Chestnut] One of the important factors here is that the applicant must have been an operating business as of February 15 of 2020 to be an eligible B&I CARES Act borrower So that is a threshold that has to be met It doesn’t matter how old the business is as long as they were active and operating on February 15 of 2020 Loan purposes, as Mark had alluded to, is working capital loans only Working capital expenses and used to cover a business’s working capital costs to prevent, prepare and respond to the Coronavirus pandemic This is working capital to get a business essentially from where they are now to full production or whatever their new normal is going to be for operating as a successful and sustainable business So, we know that many businesses have a challenge right now due to either not opening or opening on a limited basis We want to be able to assist businesses get from where they are now to where they need to be continuing as a successful business Eligible uses, again, Mark went over wages, salaries, routine maintenance in here may include additional or specialized cleaning supplies to deal with the virus Working capital purposes include B&I CARES Act program funds to make their loan and lease payments while they financially recover This would include and may include their existing B&I, SBA or FSA loan payments, but it does not include any payments to any owner or affiliated business debt Essentially, the B&I CARES Act program loan funds should keep a business current in their obligations while they transition from a current status to a fully functioning and profitable business We include rent payments, payments on leases, routine maintenance, and principal and interest payments Principal and interest payments would be those payments that they have existing and going forward So, they will include if you have equipment loans or real estate loans, you need to estimate what those expenses are But the B&I CARES Act program will cover those working capital expenses [David Chestnut] These are more eligible uses Please note that production agriculture expenses for seeds, feed and fertilizer are included and additional expenses related to the Coronavirus such as personal protective equipment like masks and gloves for the employees or even plastic shields that are inserted and injected into the workspace for health reasons would be an eligible working capital expense under the B&I CARES Act program Because the B&I CARES Act program loans are for working capital, any fixed assets are not eligible They are an ineligible purpose so we cannot acquire businesses No land, buildings or equipment can be funded by these loans, that includes no fencing for over grazing, no pasture fencing Debt refinancing is very limited, limited only if the loan was closed after February

15, 2020 And also, was used for working capital expenses So, this could possibly include an SBA PPP loan, if the borrower wanted to extinguish that debt All other ineligible purposes and types that we have in our B&I program, which is under Section 4279.117 Those are also in effect for the B&I CARES Act program loans [David Chestnut] The loan limit is $25 million This is the aggregate amount of all B&I loans to one borrower The B&I CARES Act program loan amount is for the forecasted amount of funds that a business needs to recover from the economic impacts of COVID-19 We’re not stating a time period of how long that recovery can be It may be a year It may be shorter It may be longer But what amount is needed to cover a business’s working capital needs until their revenues recover and the business is again sustainable and profitable Lenders on the line, the lenders will likely need to assist a business with this calculation on what revenues are needed? What revenues are they expected to receive and what are the working capital expenses while the business does recover? Also, for lenders, we do not require that anyone who has an existing loan use that same lender for a B&I CARES Act loan So, any lender is eligible for the B&I, that is eligible for the B&I program may submit an application for any borrower [David Chestnut] There are two calculations that are important and shown here on this slide the maximum loan amount eligible for B&I CARES Act program is 12 times the average monthly working capital expenses of a business We then deduct the amount of any SBA PPP loans or other federal assistance that’s been received by the business to cover working capital or COVID-19 expenses, essentially no double dipping on federal purposes to get the business through the COVID pandemic This is the maximum loan amount under the B&I CARES Act but it’s not necessarily, it doesn’t necessarily have to be the amount that’s borrowed The second calculation is the most important and it’s on the previous page, which says that a loan shall be based on a cash flow analysis and must not be greater than the amount needed to cure problems caused by the COVID-19 emergency So, in essence, what amount do they need to economically recover and get back to their normal business operations The B&I CARES Act funds are a supplemental loan to cover expenses that their current revenues plus any SBA PPP insurance or other resources are unable to meet If a business does borrow less than their maximum eligible amount, and then things change, such as their projections missed the target, they can come in and request a second B&I CARES Act loan, so long as a total of their loans do not exceed the maximum eligible amount per the average working capital calculation that I mentioned before [David Chestnut] This slide we have a maximum loan amount calculation You can use an average of working capital expenses and hopefully, it’ll be the last three full years which will get you through 2019 and then subtract any PPP loans or other disaster assistance to get to what we call the Maximum Eligible B&I CARES Act Loan Amount Again, the business does not have to borrow that amount They only borrow, should borrow what they need to get through the pandemic If the borrower’s not been in existence for three years, or has a mix of tax returns and gap statements available This is where we need lenders to take the most reliable information available and determine exactly what the average business working capital expenses are [David Chestnut] Repayment terms, all loans must be drawn out with funds dispersed in accordance with a business’s working capital needs We are not going to allow a full disbursement of funds at loan closing and then have the money held into an escrow account The business should have a demonstrated need for the amount of funds drawn at loan closing and throughout the loan term So, after loan closing, they should only draw the remainder of what they need and available

as needed Hopefully through a monthly communication with the lender on what their business needs are, so that you may monitor them as well on their track back to being a successful business With this, the lender should have the capacity to hold the guarantee loan in their portfolio All loans will have a maximum 10-year maturity And like all B&I loans, balloon payments are not allowed We do allow a deferral of principal and interest for one year and will also allow a deferral of principal payments for up to three years, but the loan must fully amortized by its maturity date So, if a business were to take advantage of the full deferral, they would have an outstanding balance at the end of three years that is equal to the amount they borrowed, and that amount would then have a seven-year amortization At the time of application, the lender should let us as the agency know what the loan repayment terms are, including the terms of any interest or principal deferments The interest rate on all B&I loans of the regular B&I program and the B&I CARES Act program, the interest rates negotiated between the lender and the borrower The agency will concur in that the interest rate terms being offered The interest rate can be a fixed rate or a variable rate But the interest rate cannot adjust more frequently than quarterly Loans must be adequately secured This means that the collateral value must be equal to or greater than the loan amount But please note that there’s no discounting of the collateral value for a B&I CARES Act loan We will accept a junior lien positions, but again, there must be adequate equity in the assets value to secure the B&I Cares Act loan [David Chestnut] Inventory and receivables will be valued at the current balance sheet amount And again, this is different than the regular B&I program B&I CARES Act collateral requirements We’re not discounting any collateral value, but it should be market value Appraisal guidelines This is a difference from the B&I regular program as well Appraisals of real estate and chattel collateral are only required when the amount of the loan exceeds a million dollars The B&I program, the regular program requires an appraisal on any asset valued over $250,000 So, the appraisal guidelines will come into effect if the loan amount is over a million We do ask that lenders and certainly our agency staff be very COVID sensitive on appraisals and site visits We will accept appraisal that are up to two years old They still need to be to USPAP compliant but for health reasons, some interior inspections are not necessarily required if you are to go out and get a new appraisal [David Chestnut] Equity requirements This is also different in our standard B&I program All borrowers must demonstrate a 10% investment in their business or the project This is a 10% balance sheet equity requirement that’s a standard for an existing business, you know, a regular B&I program But note the program difference at 10% equity is required regardless of the age of the business, as long as the business was operating as of February 15 of 2020, that business has a 10% equity requirement For lenders that are familiar with our regular B&I program, this is not a tangible balance sheet equity calculation This is balance sheet equity There are three methods to meet the equity requirement, and I’ll go through those on the next several slides Balance Sheet equity Here we want to take the total assets minus the total liabilities to determine equity This will be off a borrower’s current balance sheet And again, we would need a balance sheet as of the date of loan closing but this is a total asset minus total liabilities to determine equity, divide the equity by the amount of total assets to determine an equity percentage Again, there’s not a deduction for intangible assets to determine a tangible balance sheet equity, this was a balance sheet equity The business may also meet the equity requirement by having owner contributed capital equal to 10% or more of their total balance sheet fixed asset amount To determine this, take the business balance sheet fixed assets total, fixed asset total to fixed asset total and add back depreciation that will determine the fixed asset amount

divide the owner contributed capital in the equity section of the balance sheet by the total fixed assets If that percentage is over 10% then the equity requirement for the B&I CARES Act program has been met We also have an income contribution calculation if the estimated working capital needs for the business to recover is $1.5 million, if they contribute 10% of that amount, $150,000 They met a 10% equity requirement through a project-based financing method So, this is a calculation for that, that cash contribution can come in from additional equity from the owner or other sources, but what is their calculation of working capital needs and are they putting more than 10% into that? [David Chestnut] Again, an equity calculation from contributed funds This business has estimated working capital needs of $1.2 million, and they’re getting total loans of $1.2 million But if it includes an SBA PPP loan of $250,000, then there’s a contribution to costs of 20% And the B&I CARES Act program 10% equity requirement has been met So that’s a quick run through changes, different things in the B&I CARES Act We will say that in the B&I regulation, this is under Section 4279.190 It is its own section If anything is mentioned, not mentioned in 4279.190, then all of the other requirements of the regular B&I program apply This relates to the rural location, eligible borrowers, ineligible purposes, standard ineligible purposes businesses such as any illegal substances, golf courses, lines of credit, those things are not eligible I mentioned lines of credit are not eligible, but these loans are draw notes and that is an exception to the program So, with that, I’m going to conclude my conversation and turn this over to our division director for program processing And that is [Aaron Morris] We may also want to pause for questions Kate, are you there as well? [Kate] I am and I think we should pause for questions because we have quite a few of them in here Before we do, I just want to make a quick reminder that within 48 hours, all of you that have registered and are joining this webinar will receive an email It will have a link to access both the recording of this webinar and the PowerPoint So, with that, let’s take a look at what we have here Will logging businesses and log hauling businesses be eligible for this program? [Mark Brodziski] Okay, so I’ll, yeah this is Mark, I’ll maybe start off with answering the questions and kind of pass some of them over to, both to David and Aaron But for the type of business eligible for the program, yes, any really any rural business, basically a legal business structure in a rural community is eligible for the program Businesses such as logging, harvesting, as we talked a little bit here, Ag production are all eligible Processing are eligible, but it could be not related to agriculture would also be eligible So, manufacturing business, services, hotels, any business really located in a rural community I know there, if some of you had questions as to what’s rural? We do have basically a rural identifier Basically, it’s a mapping site of software on our website So, when I get to our resource’s links, I’ll show you where you can access that to take a look at maps as to if, if you’re questioning rural or rural-ality of locations [Kate] Great, thank you Does aquaculture qualify for any of these programs? [Mark Brodziski] Actually aquaculture, we would generally qualify for both the B&I program and for B&I CARES Act program Generally, production and agriculture does not qualify for B&I However, some specialized like aquaculture, hydroponic, nurseries all qualify for both programs So, any business or activity would qualify under the standard B&I would also qualify

under the B&I CARES Act program So, aquaculture, yes does qualify for both [Kate] Great thank you, does the B&I CARES Act working capital loan have to be facilitated by a borrower’s existing lender? [Mark Brodziski] So, no it does not have to be, obviously it can be We do foresee in most cases it may be the same lender It could be a lender with already a B&I program, a loan outstanding is interested in working with the borrower and obtaining additional working capital on a guarantee Though it could be a different lender utilizing working capital We talked a little bit about having and looking at FSA programs So, a lender could utilize both FSA and the B&I CARES Act program you know at the same time, or the B&I and the B&I CARES Act both those programs in about the same time Could also be multiple lenders We do have some larger projects, other activities where, you know, a lender may pick a real estate transaction for the B&I and maybe a different lender of the B&I CARES Act for working capital So, we could combine different funding streams, different lenders on projects Dave, do you have any other thoughts on lenders and activities? [David Chestnut] No, I, I’d say lenders need to know the borrowers They need to know the current situation on the borrower and how much working capital need they’re going to have to get, as I mentioned, from here to there, how much do they need for recovery? In general, you know, I think part of that trick and lenders would work around this or try to work around this, we do have to have sufficient collateral for these loans And a lot of times an existing lender is already going to have that collateral, that piece of real estate or a lien on other assets to secure so if they are willing to go to another lender, there may be just some more validation, more documentation needed as to the collateral provided for the B&I CARES Act loan [Kate] Okay, thank you Can a business obtain a $5 million B&I loan guarantee at 80% and still obtain 90% guaranteed B&I CARES Act working capital loan? [Mark Brodziski] Okay Yes, they care but Dave would like to address how the two may work together? [David Chestnut] Well, yeah, because the B&I CARES Act loans are 90% loans regardless of the loan amount And I think that for the aggregate total, you know, we cannot go over $25 million but the, they may have an 80% guarantee on a $5 million loan and then come back for the B&I CARES Act loan, they would get 90% for that I think Mark, the question got together be once they’ve hit their 80% on that $5 million, which is our standard guarantee percentage under the B&I regular program So, I don’t think we’re adding the B&I CARES Act program first and then the $5 million loan on top of that, I think that’s what the question was Because, yeah, loans between $5 million to $10 million are only eligible for a 70% guarantee So that is probably the basis of the question [Kate] So, here’s a high priority question, where can the application be accessed? [Mark Brodziski] We can talk to the application process a little bit here So, do we want to do that and then pick up more questions? Aaron? [David Chestnut] Well, we can….go ahead Sorry [Mark Brodziski] Aaron, why don’t you walk through your application requirements and process, and then we can come back and address both the questions a bit more on the provisions and the processes as we roll through this So, Aaron [Aaron Morris] Great Thank you, Mark Good afternoon, everyone My name is [Aaron Morris] I’m the Director of our guaranteed lending programs here at Rural Business Cooperative Service I’m just going to go over our application requirements that we’ll be having for the B&I CARES Act loan program These loans will be, are for working capital, actually, it would help if I move the slide for you all to see These loans are going to be for working capital And they’re classified as categorical exclusions for the purpose of our environmental requirements That’s the loan standard for us for an environmental requirement And what we’re saying here is that it should require minimum documentation that you need to submit to USDA However, you know, based on the review of the project description, we do reserve the right to request additional environmental documentation But we don’t foresee that happening Something that’s not here on the slide, I do want to mention to you all, B&I CARES Act

loan borrowers that also have existing B&I loans, they don’t need to resubmit their historical financial statements as a part of their application package for B&I CARES Act loan, simply because we should already have that from previously servicing action So, we should already have that stuff on file [Aaron Morris] Next, a draft loan agreement will not be required at the time of application Those of you who are familiar with our program know that, that is a required component of the application, not so for the B&I CARES Act program We will not require a draft loan agreement at the time of application A business plan or a feasibility study will not be required These businesses should already be operating as February 15, so we’re not going to need that for B&I CARES Act The lenders may substitute and rely on the borrower’s tax returns when the financial statements prepared in accordance with GAAP are not available from the borrower We want to make this as flexible as possible for you all, for the lenders who are helping potential borrowers If those GAAP prepared statements are not available for some reason, we will allow you to use tax returns in lieu of those financial statements Also, our Ag producers, as Mark and David mentioned, that’s a new eligible component for B&I CARES Those financial records must meet the industry standard accounting practices Lastly, for smaller loans, loans that are less than $600,000 We do have a streamlined application process in place We encourage you all lenders to use that process to prepare loans faster and hopefully get through the approval process quicker Moving on [Aaron Morris] The applications that are received will be processed in our Rural Development state office Someone asked how they can get a hold of the application We will have, there’s a link at the end of this presentation, and I believe all of you will be able to receive it There’s a link that links to our state offices and how you can contact them to get an application Also, that can be found on our website as well Those applications will be received and processed in our state office We have 47 different state offices serving all 50 states There are a few states that share a state office, such as Massachusetts, Connecticut, Rhode Island, and a few other places These funds will be maintained in a national reserve account Those of you that are familiar with our program know that we typically allocate our regular B&I funding to all of our state offices, and they’re able to dispense funds to you through their allocations Those funds will be kept here in Washington, DC in our national office We are committed to making sure that when you request funds, we’re able to get those funds out to our state offices and out to you as quickly as we possibly can That’s something that we will be monitoring every single day Next, the agency will consider applications in the order that they are received For now, this is a first come first serve program However, towards the end of the funding period, which we identified as September 30 of 2021 It may be necessary that the agency assigns priority points for limited funds that could be remaining at that time and we’ll do so in accordance with the regulations in our regular B&I program [Aaron Morris] Next, the aggregate total amount of loans for Ag production will be limited to 50% of the total amount of program levels for the B&I CARES Act program There’s a little over 950 million dollars available for B&I CARES So, loans for purposes of Ag production will be limited to about, to half of that, so around $475.5 million Lastly, on this slide, the agency may publish future notices in the Federal Register revising the limitation of the amount of funding made available [David Chestnut] Next up, a lender or a borrower may combine applications for B&I CARES Act

program loans for working capital with an application for the standard B&I Guaranteed Loan Program I believed we addressed this a short while ago You know why you would do this, of course, for different purposes One, of course is for working capital only Another, the regular B&I program could be for the purchase of real estate or the other provisions that are allowed under the B&I, the regular B&I program It’s important to note that the provisions for each are different And so, with each part of funding, if you’re going to combine an application, or have two separate applications, the loan purposes and the borrower need to meet the provisions of both programs With that, I’m going to end my comments And we will turn it over for additional questions [Kate] Great, thank you very much So, moving on, let’s take a look at a question that has come in If businesses received PPE or EIDL are they eligible for B&I CARES? [Mark Brodziski] So yes, say you know, a business that received either the SBA PPP programs, SBA Disaster, the economic impact disaster funds, or other federal disaster funding that is available, still would be eligible for the B&I CARES Act The amount of other federal funding though would be netted out of their maximum available under the B&I CARES Act So, it would not duplicate or double dip those funds, but it would not preclude them from applying for the B&I CARES Act funding The B&I CARES Act funding would be available to help supplement you know other disaster funding if the business needed additional funding to help cover working capital costs, you know cover inventory, you know, kind of buildup, rebuild the business rolling forward [Kate] Okay, thank you For businesses that were in operation prior to the February 15, 2020 date, they are in a ramp up phase, but have less than 12 months of op expenses, can we use projections to determine eligible loan amount? [Mark Brodziski] Dave, would like to address that one as far as what we’re using for records, especially for businesses [David Chestnut] Yeah [Mark Brodziski] You reference three years but those that don’t have three years of history? [David Chestnut] Yeah, I’ve been around, I was a commercial lender, been around commercial lenders and it’s oftentimes lenders will say that commercial lending gets to be more of an art than a science at times This is one of those times What we’re looking for in a business that to the question that’s ramping up, they don’t have a full year of expenses, is looking at what their operating expenses are and what those averages on a reasonable basis based on what their operations were up to that date Again, we’re looking at B&I CARES Act funding for their working capital needs going forward, while they’re getting from here to there, and there being a normal business where their business was going to be So, if they don’t have the full year or three years of experience, use what they have generated and have used as operating expenses to make a basis and a determination for what they’re going to need going forward So as long as you can document and justify the dollar amounts that you’re using, that’s part of your application That’s part of what we’re going to be reviewing and looking at [Kate] Great, thank you I’m going to take one more question And then, I noticed we’re getting close to the end of our time together Mark, I want to make sure you have a chance to wrap it up So, let’s take one more question and we can come back to these, after you’ve done that, if that sounds okay to you [Mark Brodziski] Sure, it sounds great [Kate] Can the USDA guarantee a draw loan or a loan that allows you to draw funds only when you need them? [Mark Brodziski] So yes, the B&I CARES Act requirements are that the loan be set up for draw Generally, we don’t have in our general standard program have restrictions as to how and when funds are drawn But for the B&I CARES Act funds, we want those funds to be drawn as a business needs them to work forward Again, the amount of a loan should be based on a forecasted need Of course, that’s a forecast So, then month to month, the business should work with their lender on actually drawing

funds as they need the funds If something happens where either they didn’t need the funds to work forward, they overestimated Funds can be either cancelled or repaid, reimbursed back to the loan, or if a business actually needs more funds, they could, as Dave mentioned earlier, could reapply for a second loan or an add-in for additional funding But again, we are expecting, asking that the loans be set up on a draw basis on an as needed basis So yes [Kate] Okay In that case, let’s take a pause from the questions and for those of you who may have to leave right when we’re scheduled to end, a reminder that you will receive the link to the recording and the PowerPoint slides for those of you who are able to stay, we will address some more questions after the close of this So back to you, Mark [Mark Brodziski] Okay, so to kind of wrap up the actual presentation as far as the slide deck, I just going to show up a couple of references for some resources and links Mainly these are off of our websites or reference from our website So, on this slide, the first two are the regulation and a Notice of Funding availability, those links are actually to the Federal Register So, these are where the two are published Also, again, under the regulation link, if you have an interest in making comments to these rules that we’re talking about, that is available, again, commentary is open up through June 22 Simply utilize this link, it’ll take you to the Federal Register And on their page, they have basically a link into the public comment piece for that On the bottom part of this, the website, is a program page that we created for the Business and Industry CARES Act program This website does include kind of a walkthrough of much of the information we’re talking about here, kind of a fact sheet format So, we encourage you to take a look through that just to again pick up the highlights and the reminders for the program That webpage also has some additional links associated to it, there is a button to go to a link that takes you to the eligible area identifier So, there’s a big button to hit And that just works by taking an address, just type in the address of your business And it will respond back as if the address is eligible for the program The program website also has links to the application materials and application information Under the guarantee program, when we speak of an application or an applicant, we’re really referring to the lender So, the lender is our applicant for the guarantee, submitting the application to us Of course, the lender needs information from the borrower to prepare that application package and work forward So, our, the first part is the form and the drive, the format of applications is pretty clear cut, but the application forms are available from that website I’m also going to flip one more slide, a couple more websites or references We referenced, as Aaron talks about, that the applications will be processed at our field office, state office level So, it’s the Rural Development offices, USDA Rural Development will be accepting and processing applications So, this top website is a listing of all our offices, each of our offices also have a website setup So, simply click on the state you’re in, where the business is located, that’ll then show all the contact information for their programs and visit contacts for staff regarding the business and other programs If you have interest in other programs within Rural Development, most of our programs are delivered through the state office structure So, feel free to reach out to them to roll forward And last on the side, we have, I guess we miss mine, but we have Aaron and David’s email address for follow up if you have any other questions or concerns, discussion topics that we missed, and you’d like to touch base with us But we strongly encourage you to reach out to our state office staff, get to know them a little bit We’ve already had two webinars with them, bringing them up to speed on all this information They can answer questions, I think just as well as we can now regarding this program Okay, with that, I am going to wrap up and turn back to Kate Do we have maybe a couple more questions we can take while we still have a significant audience here with us? [Kate] Yes, we do The deadline to receive applications is June 22, 2020 However, the program will be open to September 30, 2021 Can applications be received after June 22? [Mark Brodziski] Actually, the June 22 date is an error

And we went back, and it should be, if you go back now to our website that’s been corrected The June 22 date is the deadline for comments to the rule, not the deadline for the applications There was some confusion when that was created So, again the June 22, 2020 is the deadline for comments to our rule for the program Applications will be accepted ongoing, up to the point that either one we run out of funds and funds are all utilized at the $950 million level or up to the end of the fiscal year 9/30 of 2021 [Kate] Thank you for that clarification, would refinance of an existing bank line of credit used for working capital be eligible under this program, and would it be subject to the 50% cap of refinance of a bank loan debt? [Mark Brodziski] So, the 50% cap or refinance would not apply to the B&I CARES Act program So, a bank, if a borrower received a loan from a bank after February, mid-February, and that loan was used for working capital purposes for eligible purposes for the B&I CARES Act program, then that could be, is eligible for refinancing On lines of, others I know other obviously, Dave there are some other questions on refinancing and structures Do you want to maybe address some of the other guidelines regarding refinancing? [David Chestnut] Yeah, this is a kind of one of those case by case basis things you have to look at when the line of credit was open and extended So, the B&I CARES Act program says the loan must have been closed after February 15, 2020 So, if you’ve got an existing line of credit that came into place in September of 2019, refinancing that debt would not be eligible What we’re looking at going forward, however, is the ability of the B&I CARES Act program funds to be able to make payments required on that existing line of credit going forward So, we’re also looking at any loan that the borrower has making principal and interest payments on those loans during the time they need to recover from the Coronavirus economic impacts So that would be in your forecast of the dollar amounts needed for the B&I CARES Act loan [Kate] Next question, is there a minimum amount? [Mark Brodziski] A minimum loan amount? No, we do not have a minimum loan amount Right, we do not have a minimum loan amount The, yeah, again, it’s up to the lender and borrower as to if they feel that this program is something that can serve their needs, we could accept that We generally do not work with the very small businesses But we do have some very small loans that lenders are interested in with the program So, there are, between SBA, our Business and Industry programs, the B&I CARES Act program and for Ag production the FSA programs You know, there different options to look at but our programs do not have a minimum loan amount [Kate] Okay, good Does the CARES Act B&I loan count toward the maximum eligible loan amount of $10 million for the borrower or the guarantor limit of 50 million, and will the administrator exception be waived? [Mark Brodziski] Well, so that’s, that’s obviously coming from a very experienced lender in the B&I programs So, there are a couple of issues being addressed there that relate to the standard, the regular B&I program But generally, in B&I, a loan of more than $10 million, loan requests of more than $10 million, would require that it’d be a high priority loan In essence, that’s where the administrator exception would come in And we have a limitation of the guarantor, a guarantor can be a primary guarantor on up to $50 million of total loans they’re are involved in different businesses or different loan activities Those restrictions do not apply to the B&I CARES Act program So, if there’s an existing borrower or an existing guarantor under the B&I program, and they’re now applying for the B&I CARES Act, those would not be restrictions Where there may be some challenges with it is if we have a new borrower coming in, and

is applying for basically a co-funding of a B&I program for some refinance, or some equipment in real estate financing, and the B&I CARES Act program for working capital came at the same time, you know, if it’s all new to the B&I program, then those restrictions would still apply to the standard program part of it So, it’s, again, as I think as Dave mentioned earlier, sometimes there has to be a little bit artistic in structuring some of this rolling forward [Kate] Thank you for that, will this be on a first come first serve basis? [Mark Brodziski] So generally, it’s on a first come first serve basis And by that we mean as to you know, the complete applications, the applications are ready for processing We do have basically a data system that our field offices will be using So, when they receive applications, they’re entered into the system That way, we’ll be able to monitor the amount of applications received, the demand for the program It’ll be on a first come first serve basis, up until the point where once we’re more restricted in remaining funding, if it looks like we’re going to receive more applications then funds available, then the applications pending at that time will undergo a priority scoring process The priority scoring is addressed in the standard B&I program, we’ll use the same process to do a priority scoring But again, that will be only in essence at the end as funds are becoming more restricted, and we realize that we will not be able to serve all applications on hand [Kate] So that ties well into this next question, do projects still have to meet priority score requirements, be a high priority project if they want to apply for more than $10 million? [Mark Brodziski] So again, for the B&I CARES Act programs, no, they do not So, any loan requests, we can work up to, you know the maximum of $25 million without regard of priority score The same thing on the guarantee percentage or standard program, you would not provide a 90% guarantee for $10 million or more, we can and will do so with the B&I CARES Act program [Kate] Are dairy and poultry farms eligible under Ag production? [Mark Brodziski] Right so any Ag production could be eligible, as long as their request is either more than what they could receive from an FF FSA, Guaranteed Loan or if they are otherwise not eligible for FSA So, any type of production agriculture would qualify, would also include contract growers It could be a processor that also is working, has some production activities, or contract production So, some combinations of some vertically integrated operations would also all qualify for the B&I CARES Act program [Kate] Okay, can we include closing costs for regular B&I loans and a B&I CARES Act program loan since closing costs are considered working cap, as working capital purposes? [Mark Brodziski] I don’t think we thought of that one Dave, what do you think? So, they’re I think they’re proposing now using both B&I program and the B&I CARES Act program at the same time Can we show all the closing, kind of the loan costs of the B&I loan as to a working capital need under the CARES Act loan? [David Chestnut] No, if you’re getting a B&I, regular B&I loan to purchase equipment, purchase real estate that’s really not in line with a working capital expense to recover from COVID So, I would say generally, no Just right off the, off the top But yeah [Mark Brodziski] Okay So, the overarching, overarching requirement is that the B&I CARES Act funds be used to recover from the pandemic So, if the party, if that’s what the working capital but we’re using the regular B&I program for expansion or other activities, you know, the costs related to that would not be eligible for B&I CARES Act Costs for the B&I CARES Act loan, yes, it could be included in the B&I CARES Act loan [Kate] Okay, thank you for that clarification If FSA denies an Ag producer for a loan that is under the FSA lending limit, can the Ag borrower apply for a B&I CARES Act loan?

The reason for denial would more than likely be cashflow because of low prices and the FSA requirement to pay all working capital back each year [Mark Brodziski] Right So if the, if denial is based on a cash flow concern, but and I should say not but, but and due to the terms of the B&I CARES Act working capital loan with a longer repayment term, that, that resolves the cash flow constraints and the producer can show they do have payment for the B&I CARES Act loan, then yes, we could, that could be a reason that they’re not eligible for FSA, but are eligible for the B&I CARES Act program [Kate] Thank you Can the loans be sold on the secondary market? [Mark Brodziski] Sure, the B&I CARES Act program would follow the same as our standard B&I program It can be sold on the secondary market Just as a reminder, we require that the loan be fully funded, fully dispersed before it’s sold, but it could be sold on a secondary market while it’s in deferral stage It’s not a restriction for us, as long as the loan is not past due or delinquent, or other problems with a loan Once it’s in the current status, it can be sold on the secondary market [Kate] So, with a loan be eligible for sale while it is on B&I deferment? [Mark Brodziski] So yes, as long as it’s a structured deferment, in other words structured when the loan is originating close, so over the first three years, we are able to concur in a deferring of principal payment So, during that period, yes, the loan could be sold on the secondary market [Kate] Okay, can we back date an appraisal for specific property values based on current cash flow? An example would be a hotel Could we backdate the appraisal to January 1, 2020? [Mark Brodziski] Well, I’m going to turn that one over to Aaron Aaron, putting your processor and reviewer hat on, what do you provide for guidance on that question? [Aaron Morris] You know, I don’t know if we foresaw that one either If there’s a current appraisal that’s happened, in this case, it was January 1, 2020 If there’s one that’s happened since then It’s, I don’t know how we could not look at the current appraisal that, that they have already I don’t think we can backdate an appraisal So, it has to be based on [Mark Brodziski] We’re not asked if there’s an existing appraisal, and maybe Dave, you can fill in the details here to a little bit but an existing appraisal within the last two years, that’s acceptable [David Chestnut] Absolutely [Mark Brodziski] If it’s more than two years old then do an update In that sense, yes Because Dave if you have more to add to the issue or the question? [David Chestnut] I think Aaron is correct, you know, and I don’t know about backdating appraisals, but lenders do have to look at, you know, what’s the market value of that property and I don’t know why you’d want to go back and backdate an appraisal Especially if you get into a, based on cash flow, I’m thinking you’re looking at a hospitality property that may only have 20% occupancy now, when they typically have about 80% But what we’re saying in the B&I CARES Act program, give us a current appraisal, the value and then as in our regular B&I program, the lender has to be able to support that value This is what I’m basing that value on If you have an appraisal that’s less than two years old Again, that’s an acceptable appraisal to us If the lender chooses to have an updated appraisal, we would go with the newest appraisal [Kate] Okay, thank you Um…I’m sorry, my list of questions just, just kind of disappeared So, give me just a moment to scroll and get some of them back [Kate] Well, looks like we’re actually getting pretty close to the end of the list It looks like I’ve got another couple here What about states that do not have a lending authority and processing time for applications? [Mark Brodziski] Aaron, do you want to talk a little bit about this, especially for lenders that aren’t familiar with our structure and program as to what that means and what we’re

putting in place for assistance going forward? [Aaron Morris] Yeah, thanks, Mark So those of you who are not familiar with our program, our states, our state offices typically have separate tiers of lending authority Some have, you know, 5 million in lending authority, some have seven and a half, others have 10 When there are vacancies in those offices, those authorities are brought back to the national office, and all of their loans come through the national office What we’ve done over the last several weeks, probably since March, is that we’ve given a number of states temporary approval authority, so they can respond to the influx of applications that are coming in to respond to the COVID-19 pandemic Most of those approval authorities run through July 31 of this year We reserve the right to extend that as necessary We also have some processes that we’re putting in place that allows us to process applications faster here in the national office, and give some our state office some more assistance if they need it We do anticipate that there’ll be a number of applications coming in So, we’re looking at a variety of different ways to ensure we’re able to process those applications as quickly as possible, including giving temporary authorities in a limited fashion, no more than 5 million to those states that do not have authority right now [Kate] Thank you So, we’re going to take two more questions and then we’ll wrap it up Will B&I CARES Act program applications be prioritized above standard B&I program applications in terms of Rural Development state office processing? [Mark Brodziski] I’ll start with Aaron, and I’ll maybe speak to a little bit on some support we have But yeah, let him start off with it and I’ll add in [Aaron Morris] Sure, no, I do not foresee us prioritizing B&I CARES Act loans over regular B&I applications Our goal is to run both programs concurrently and give them both equal priority as applications come in [Mark Brodziski] I’ll just simply add that the B&I CARES Act itself, I should say, provided some additional administrative support funding for the agency to support the B&I CARES Act So, in that way, we’ll have a little bit additional support So if we do have state offices that have a backlog of both programs or other programs and the B&I CARES Act, we’ll be able to offer some additional support to help out and that’s also what Aaron was speaking to earlier as to looking at other resources of kind of being able to share the workload a little bit, you know, across states, across our national team and state teams to help monitor to make sure that we don’t have, you know, a backlog of applications [Kate] So, our last question then is if a REAP guarantee was recently approved, but not funded yet, does that REAP amount have to be included in aggregate with the CARES guarantee amount? [Mark Brodziski] Can you read that one more time, Kate? [Kate] Sure If a REAP guarantee was recently approved, but not funded yet, does that REAP amount have to be included in aggregate with the CARES guarantee amount? [Mark Brodziski] Okay, so what the question is referring to is, yes, another program that we administer is the Rural Energy for America Program, also a guaranteed loan program, but that is a separate program with its own lending authorities, so we do not aggregate between loan amounts between the REAP program and the B&I or B&I CARES Act programs So, if a borrower has an existing REAP program, the rural energy program that would not impact their ability to access the B&I CARES Act program Unless, Aaron, do you have anything to add to that? [Aaron Morris] No Mark Yeah, no, Mark, I think you hit the nail right on the head there This wouldn’t apply to REAP So, I think we’re good there [Kate] Let me go If you don’t mind, let me ask one more question Will the balloon interest payment after deferral and or the 50, will that be allowed to advance? Go ahead Dave Go ahead with that [David Chestnut] No, you can finish the question but BPS is the basis points

It’s a half percent [Kate] Thank you Will it be allowed to be advanced from loan proceeds? It will be difficult for some businesses to make that initial payment of 12 months of deferred interest along with the 50 fee Sorry, couldn’t hold it in my head [Mark Brodziski] So, Dave, you want to address that? [David Chestnut] Yeah, thank you, Mark Thank you, Kate Yes, and we (INAUDIBLE) the question So obviously, this is a lender, basically half percent guarantee fee The answer is yes Any payment, any loan payment that the borrower has projected for their recovery period, and it may be up to a year or maybe longer than that Any loan payment is forecasted in what their working capital needs are to recover from the pandemic So, if it’s going to take them a year to recover, then certainly the interest expense on B&I CARES Act program loan would be part of their working capital expense [Kate] And one thing I would like to add as a final reminder, we will be sending out the link to the webinar recording and the PowerPoint and you will also see these questions reflected as time goes on And in perhaps in an FAQ, they will also be answered individually There were a lot of them Thank you so much for your engagement And thank you for joining and back to you, Mark [Mark Brodziski] Thank you Kate and I’ll just wrap up again Yes, it was great to have your interest in the program and all the attendance here Additional questions coming in I’ll just remind as to going forward if you have questions, discussions on the program, feel free to reach out to our state office team Our state office staff members are, again are, knowledgeable of the program, are very active in the B&I programs and are always willing to kind of talk through proposals So, you don’t need to submit an application to start asking questions, feel free to reach out If you have any challenges in reaching somebody, again, just let us know, and we’ll be happy to connect you with the right team, the right team members that are our field office structure Always available to help answer questions and talk through the potential proposals or potential applications kind of rolling forward Okay, again, with that, I think we’re going to wrap this up We appreciate your attendance today I’m glad to see your interest in the program And again, if you have any other questions or follow up, just let us know Thank you all

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