Retail trade, finance, insurance and real estate businesses are not eligible to apply. Potential applicants from service-oriented businesses will be evaluated on a case by case basis. The City may make exceptions to these exclusions for loans to fund on or off-site infrastructure improvements on a case by case basis. Exceptions to this guideline will be made only in the most unusual of circumstances. Direct loans for working capital may be approved to cover documented working capital requirements of any business eligible for assistance.
Adequate security is a fundamental criteria for all loan applications.
Personal guarantees from the principals of the project company will also be a mandatory requirement for all loan applications. A description of the total project cost from start-up to completion and operating costs of any new or renovated facility. Costs should be broken down into equipment, working capital, construction, etc. Commitment letters or explanation of other financing sources for total project costs. Description of current status of ownership demonstrating site control.