(A) Eligible uses of funds:
(1) Site development infrastructure extension costs;
(2) Construction of new facility or additions;
(3) Renovation of existing facilities;
(4) Leasehold improvements;
(5) Purchase of new or used machinery or equipment;
(6) Working capital;
(7) For every $15,000 of revolving loan funds provided, one full-time equivalent (FTE) job should be created or retained. (FTE jobs are positions consisting of a minimum of 1,950 hours worked a year). City participation will not exceed 50% of the project cost, or 95% of available funds, subject to the availability of funds; or
(8) Projects of a speculative nature are ineligible for funding.
(B) The geographic area served by the fund will be within the corporate boundaries of the city, or if not contiguous or annexed, within one mile.
(C) The funds will be targeted to assist existing industrial and commercial base, start up businesses, female and minority owned firms and established businesses that will relocate to Kewanee, on a first come, first served basis as the city expects to receive more applicants than available annual funding will cover. Applications that demonstrate the greatest potential for job creation and meeting the goals and objectives of the fund will be given the highest priority.
(D) Applications will be generated by:
(1) Sending RLF information to the city's existing businesses;
(2) Including RLF information in the city's marketing package;
(3) Provide RLF information to area economic development commissions and the Chamber of Commerce to include in their area marketing information;
(4) Staff participation in business related seminars or workshops held in the area;
(5) Provide RLF information to local chapter of NAACP, Urban League and other organizations representing minority groups and offer to speak at meetings periodically;
(6) Provide information to area women's entrepreneur associations and women's service organizations;
(7) Publicize approved loan projects by sending news releases to area media and holding news conferences, ribbon cuttings and ground breakings to encourage media coverage; and
(8) Area lending institutions will be provided with information about the RLF and asked to inform potential borrowers of fund availability.
(Res. 4309, passed 5-27-03)