Laserfiche WebLink
• The applicant must provide 50% of funding from a different source. <br /> • Retain created jobs for at least one year. <br /> • Compliance with all city code and policies. <br /> • Must demonstrate financial feasibility of the project. <br /> • Applicants must conduct an environmental review. <br /> Per the Finance Committee's discussion, the loan will become forgivable upon the completion of the <br /> Low to Moderate Income (LMI) requirements and the Forgivable Loan Policy requirements which <br /> include the creation of one full-time position for every$35,000 requested. Positions must be retained for <br /> a minimum of one year. <br /> The loan will carry the same interest rate as the microloan: 3% or two points below prime,whichever is <br /> greater. <br /> The time between application and approval of the loan is expected to take 6-8 weeks. Staff will review <br /> applications submitted for compliance with program requirements. The application will then be <br /> submitted to and reviewed by the Small Business Development Center. Upon approval from the SBDC, <br /> the EDA Finance Committee will review the application to ensure compliance with applicable goals, <br /> policies, and ordinances. Once a recommendation has been given, the EDA will review and ultimately <br /> approve or deny the loan. Loan proceeds will be disbursed upon proof of expenditures. <br /> ATTACHMENTS <br /> • 9-10-2012 Memo to the EDA <br /> • 11-13-2012 Memo to the EDA <br /> • 1-30-2013 Memo to Finance Committee <br /> • 1-30-2013 Finance Committee Minutes <br /> • Forgivable Loan Policy and Application <br />