(A) There is established the Forgivable Marketing Loan Program which may be utilized by local companies to assist with marketing campaigns and strategy.
(B) The Forgivable Marketing Loan Program shall be administered by the Department. In the course of the administration, the Department shall:
(1) Provide outreach to local companies, pre-screen applications and provide technical assistance to applicants;
(2) Make available to local companies an application which can be analyzed in a quantitative manner by the Department to determine eligibility and merit for a loan;
(3) Review such applications and present recommendations to the Board for approval or denial of Forgivable Marketing Loans; and
(4) Maintain all records including, but not limited to, applications for assistance, metrics necessary to describe the program's responsiveness, the number and size of local companies assisted and the amount of monies distributed.
(C) Local businesses that are successful in their application under the Forgivable Loan Marketing Program shall be eligible for a loan of $1,000 for each employee with a maximum loan amount of $3,000.
(D) Monies distributed under this program shall be used for marketing purposes. “MARKETING” shall include, but not be limited to, trade show registration, travel expenses associated with business development activities, advertising and development of marketing strategies.
(E) Repayment of monies distributed under the Forgivable Marketing Loan Program shall be required only if the local company:
(1) Relocates its principal operations outside of the corporate boundaries of the city within five years of receiving a disbursement under this Program; or
(2) Ceases operation within five years after receiving a disbursement under this Program.
(F) If monies are required to be repaid as a result of division (E) above, then the Department shall place the local company on an amortization schedule. Such monies shall be repaid in a term not to exceed one year with a fixed interest rate set at prime, as quoted in the Wall Street Journal on the day the local company relocates or ceases operations. If the Department is unable to determine the exact date of relocation or ceasing of operations, then the rate shall be fixed on the day the Department becomes aware of such activity by the local company.
(Ord. 6578, passed 4-27-09)