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Micro Loan Fund Policy Guidelines Page 2 <br /> Refinancing:The loan may be refinanced up to 2 additional years at a • <br /> market rate of interest. <br /> Criteria: 1. Borrower must create one new full time job for each <br /> $20,000 loaned within two years. Said jobs must pay a <br /> minimum average wage of$8 per hour plus benefits. <br /> 2. Borrower must be an industrial firm and comply with <br /> the provisions of the city's industrial and business park <br /> zoning ordinances. <br /> Redevelopment Financing Program <br /> Purpose: The Redevelopment Financing Program is available to <br /> business and property owners in the central business <br /> district (CBD) for the rehabilitation and restoration of their <br /> buildings. <br /> Amount: Up to $50,000 <br /> Equity: Must match EDA loan with 1:1 ratio. Total loans not to <br /> exceed 90% of project value. <br /> • <br /> Rate: Fixed; 2 points below the lowestprime rate published in <br /> the Wall Street Journal the day the loan is closed. <br /> Term: Financing up to 3 years. Loans may be amortized up to 15 <br /> years with a balloon payment. <br /> Refinancing:The loan may be refinanced up to 2 additional years at a <br /> market rate of interest. <br /> Criteria: 1. At a minimum 20% of Micro Loan dollars must be used <br /> for the rehabilitation of the building's facade. <br /> 2. Borrower must be located in the Central Business <br /> District (see attached map). <br /> Industrial Incentive Program <br /> Purpose: The purpose of the Industrial Incentive Program is to <br /> encourage industrial development that supports the tax <br /> base and brings quality jobs to the city. <br /> Amount: Up to $100,000 <br /> 1111 <br /> Equity: Must match EDA loan with a 3:1 ratio. Total loans not to <br /> 2 <br />