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Business Development Fund Guidelines, p. 2, 7/30/98 <br /> Business Development Fund Guidelines <br /> • <br /> • Project Eligibility Guidelines <br /> • <br /> All projects submitted for review must meet the following criteria: <br /> I.The eligible firm must be a manufacturing or warehouse/distribution business. Under certain circumstances a <br /> service business may be eligible(i.e. in the case of a non-retail,professional service that has more locational <br /> flexibility than a typical service business). <br /> 2.Loan proceeds must he used for real estate,including new construiction or expansion of existing facilities, <br /> and/or equipment purchases. Working capital financing and refinancing of existing debt is not eligible. Funds <br /> are for owner-occupied business buildings,not real estate investment. <br /> • <br /> 3.The project must create jobs or improve or retain existing jobs. <br /> 4. A minimum of one job per S30,000 of funds borrowed must he created/retained within three years of the loan. <br /> If this requirement is not fulfilled the interest rate on the loan will revert to market rate. A job will only <br /> be counted if it pays at least the current State of Minnesota minimum for"nutstate"jobs of 0X.01/hour. (30+ <br /> • <br /> • hours per week). <br /> S.Equal consideration will be given to both existing business expansion and businesses newly locating in the <br /> • County. A portion of the program may be targeted at businesses locating in Sherburne County from outside the. <br /> County. <br /> All proposed projects will be reviewed for compliance with the above criteria by the Business Development <br /> Fund Oversight Committee. The Committee may waive requirements in certain cases if needed. Final loan <br /> approval will be made by the participating local bank. <br />