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<br />Micro Loan Fund Policy Guidelines <br /> <br />Page 2 <br /> <br />Refinancing: The loan may be refinanced up to 2 additional years at a <br />market rate of interest. <br /> <br />. <br /> <br />Criteria: <br /> <br />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 /> <br />Redevelopment Financinl!' Prol!'ram <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 /> <br />Amount: <br /> <br />Equity: <br /> <br />Rate: <br /> <br />Term: <br /> <br />Up to $50,000 <br /> <br />Must match EDA loan with 1:1 ratio. Total loans not to <br />exceed 90% of project value. <br /> <br />Fixed: 2 points below the lowest prime rate published in <br />the Wall Street Journal the day the loan is closed. <br /> <br />. <br /> <br />Financing up to 3 years. Loans may be amortized up to 15 <br />years with a balloon payment. <br /> <br />Refinancing: The loan may be refinanced up to 2 additional years at a <br />market rate of interest. <br /> <br />Criteria: <br /> <br />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 /> <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 /> <br />Amount: <br /> <br />Equity: <br /> <br />Up to $100,000 <br /> <br />. <br /> <br />Must match EDA loan with a 3:1 ratio. Total loans not to <br /> <br />2 <br />