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Micro Loan Fund Policy Guidelines Page 6 <br /> IIb. Whether the proposed project will result in conformance with <br /> 41 <br /> building and zoning codes. <br /> c. Whether it is desirous and in the best interests of the public <br /> to provide funding for the project. <br /> 5. The EDA Finance Committee and EDA Commissioners will review <br /> each application in terms of its consistency with the goals of the <br /> Growth Management, Strategic, and Economic Development Plans <br /> and in relation to the project's overall impact on the community's <br /> economy. Redevelopment Loan applications will also be reviewed <br /> by an HRA member in conjunction with the EDA Finance <br /> Committee. <br /> They will also evaluate the project application in terms of the <br /> following: <br /> a. Project design - Evaluation of project design will include <br /> review of proposed activities, time lines and a capacity to <br /> implement. <br /> b. Financial Feasibility - Availability of funds, private <br /> • involvement, financial packaging and cost effectiveness. <br /> • Appropriate ratio of private funds to Micro Loan funds. <br /> • Sufficient cash flow to cover proposed debt service as <br /> demonstrated by financial statements and projections. <br /> • Business must show a positive net worth. <br /> • Letter of Commitment from applicant pledging to <br /> complete the project during proposed project duration, <br /> if the loan application is approved. <br /> • Letter of Commitment from other financing sources <br /> stating terms and conditions of their participation in <br /> the project if applicable. <br /> • Sufficient collateral. <br /> c. All other information as required in the application and/or <br /> additional information as may be requested by the Economic <br /> Development Authority. <br /> 6 <br />