The board shall have the following powers and duties:
(A) To establish eligibility requirements, loan size limitations, use restrictions, duration or term of loans, interest rates, loan security/collateral criteria and job creation criteria with respect to loans from the Business Loan Fund; provided, however, no such loan may exceed 50% of the available BLF account balance without the unanimous approval of the board and City Council; and further provide that all guidelines adopted by the board shall be in compliance with the guidelines now in effect or hereafter amended.
(B) To solicit, accept and review loan applications from eligible businesses.
(C) To establish and implement procedures for the screening and review of loan applications, including but not limited to environmental review procedures, financial analysis, with the applicant and/or a representative of the applicant's financial institution.
(D) To prepare and submit to the City Council for its consideration a recommendation for the approval or denial of the loan application in whole or in part.
(E) To exercise such ancillary powers to the powers granted by this section as may be reasonably necessary to accomplish its mission or as may be conferred by the City Council.
(Ord. 1260, passed 3-5-02)