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Other requirements of the loan include: <br /> • Businesses receiving a principal amount greater than$75,000. must comply with subsidy law <br /> reporting requirements. <br /> • The applicant must provide 50% of funding from a different source. <br /> • Job retention requirements may apply and will be determined at the time of approval. <br /> • Compliance with all city code and policies. <br /> • Must demonstrate financial feasibility of the project. <br /> • Applicants must conduct an environmental review. <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 execution of the forgivable loan <br /> documents. <br /> ATTACHMENTS <br /> • 9-12-2012 Memo to the EDA <br /> • 11-8-2012 Memo to the EDA <br /> • Draft Policy and Application <br />