Projects that cannot demonstrate a reasonable chance of success. The loan may have up to a 15 year term, depending on collateral. The payments may be amortized up to 15 years depending on the use of the funds and analysis of repayment capability. A business applying for a loan must show community support by obtaining a resolution of support from its local governmental unit. This resolution need not be obtained for the submission of the enclosed preliminary application.
Applicants strengthen their request whenever other evidence of local community support is provided.
Generally, funds for refinancing existing debts are ineligible. To serve as a bonafide match, these private funds cannot be existing debt or equity dollars from prior financing. These dollars generally include equity or private lender financing. The jobs should principally benefit low-income people by providing full time employment for them. Generally, businesses that have applied to the SWMF, and that fit the other eligibility requirements, have easily met these job creation requirements.