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<br />Micro Loan Fund Policy Guidelines <br /> <br />Page 6 <br /> <br />c. Whether it is desirous and in the best interests of the public <br />to provide funding for the project. <br /> <br />. <br /> <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 /> <br />They will also evaluate the project application in terms of the <br />following: <br /> <br />a. Project design - Evaluation of project design will include <br />review of proposed activities, time lines and a capacity to <br />implement. <br /> <br />b. Financial Feasibility - Availability of funds, private <br />involvement, financial packaging and cost effectiveness. <br /> <br />. Appropriate ratio of private funds to Micro Loan funds. . <br /> <br />. Sufficient cash flow to cover proposed debt service as <br />demonstrated by financial statements and projections. <br /> <br />. Business must show a positive net worth. <br /> <br />. Letter of Commitment from applicant pledging to <br />complete the project during proposed project duration, <br />if the loan application is approved. <br /> <br />. Letter of Commitment from other financing sources <br />stating terms and conditions of their participation in <br />the project if applicable. <br /> <br />. Sufficient collateral. <br /> <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 /> <br />d. Project compliance with all city codes and policies. <br /> <br />. <br /> <br />6 <br />