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<br />. Business must show a positive net worth. <br /> <br />. Letter of Commitment from applicant pledging to complete the <br />project during proposed project duration, if the loan application <br />is approved. <br /> <br />. Letter of Commitment from other fInancing sources stating <br />terms and conditions of their participation in the project if <br />applicable. <br /> <br />. SuffIcient collateral. <br /> <br />c. All other information as required in the application and/or additional <br />information as may be requested by the Economic Development <br />Authority. <br /> <br />d. Project compliance with all city codes and policies. <br /> <br />e. Program Objectives - In addition to quality job and wage <br />creation/retention requirements, the applicant must meet all Micro Loan <br />Fund criteria and demonstrate how the proposed activities will meet at <br />least one of the following objectives: <br /> <br />. The project contributes to the fulf1llment of the city's approved <br />and adopted economic development and/or redevelopment <br />plans. <br /> <br />. The project prevents or eliminates slums and blight. <br /> <br />. The project increases the local tax base. <br /> <br />. The project brings a structure into compliance with an existing <br />building code violation. <br /> <br />6. A written request for an extension shall be accompanied by a copy of current <br />fInancial statements and a $500 upfront processing fee. The processing fee is <br />used to cover processing expenses and will be returned if request is denied. The <br />application for an extension beyond the original term should include a letter of <br />denial from a conventional lender. RefInancing will not be allowed solely for the <br />purpose of reducing the interest rate due to lower market interest rates. <br /> <br />7. The EDA Finance Committee will recommend the approval, denial, or request a <br />resubmission. A recommendation from the Finance Committee will be <br />forwarded to the EDA for fInal action. <br /> <br />Micro Loan Fund Policy & Guidelines <br />Amended May 2006 <br /> <br />Page 7 of 14 <br />