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Downtown Business Revitalization Loan Program <br />Purpose: The Downtown Business Revitalization Loan Program is available to <br />existing downtown business owners in the Downtown District (DD) as <br />a short-term, low interest operating loan that could be used toward <br />working capital, cash flow, business sustainability and capital <br />expenditures. <br />Amount: Up to $25,000. <br />Rate: 3%. <br />Term: 2-years. <br />Criteria: 1. Personal guarantee of the Borrower will be required. <br />2. Personal financial statements of the Borrower will be required. <br />3. Applications to be accepted until December 31, 2007. <br />4. In addition to the permitted fund uses listed in Section II(1) of the <br />Micro Loan Fund Policy, the Permitted Fund Uses for this specific <br />program includes working capital, refinancing of existing debt, and <br />inventory. <br />5. Borrower must be an established downtown business owner <br />located in the Downtown District (DD) as of April 10, 2006. <br />I11. USES <br />1. Permitted Fund Uses: <br />a. Building construction <br />b. Land acquisition <br />c. Machinery <br />d. Furniture, fixtures, and equipment (FF&E) <br />e. Renovation and modernization of buildings <br />f. Exterior renovation of retail, commercial and industrial buildings <br />g. Public infrastructure needed for economic development expansions <br />h. Investment real estate with a minimum of 50% of the space pre-leased <br />2. Ineligible Fund Uses: <br />a. Expenditures for the construction and/or renovation of residential units <br />b. Working capital <br />c. Refinancing of existing debt <br />d. Inventory <br />Micro Loan Fund Policy & Guidelines Page 4 of 14 <br />Amended DecemUer 2006 <br />