Sunvalley Solar Inc. and James Zhang $50,000 Short-Term Loan Agreement
Sunvalley Solar Inc. has entered into a short-term loan agreement with James Zhang, a shareholder and CEO, for $50,000 to support business operations and inventory purchases. The loan carries an annual interest rate of 6.5% and must be repaid within one year from the date the funds are transferred to the company's account. The agreement is signed by Hangbo Yu, General Manager, on behalf of Sunvalley Solar Inc., and by James Zhang as the lender.
Sunvalley Solar Inc.
398 Lemon Creek Suite A, Walnut, CA 91789
Tel: (909 ###-###-#### Fax: (909 ###-###-####
Date: 4/16/2012
Private Loan Agreement
Due to the rapid business development, the Company needs funds for operation and inventory purchase. The Board of Directors authorize Hangbo Yu (General Manager), on behalf of the Company, to sign a short term loan agreement with James Zhang (shareholder/CEO). The loan amount is $50,000. The start day will be the day that $50,000 is transferred to the Company's account. The annual interest for this short-term loan is $6.50% and the term of this loan should be less than a year.
Borrower:
/s/ Hangbo Yu
Hangbo Yu, General Manager
Sunvalley Solar Inc.
Lender:
/s/ James Zhang
James Zhang
