Loans shall be made to promote the growth and development of the City of Cottonwood's economic climate according to the following purposes:
(A) To provide loans for new or existing business entities that create new jobs or retain old jobs for the community as a result of the activities carried out for which the loan application is made.
(B) To assist new or established manufacturing and industrial businesses to become established or expand.
(C) To assist new or existing commercial, retail and service businesses to improve their businesses or operations.
(D) To provide funds for economic development that would be leveraged against other funds such as SBA loans, federal and state grants.
(E) To provide assistance for downtown revitalization.
(F) To foster improvements that will increase the tax base of the community.
(Ord. 90-1, passed 1-4-1990)