159.04 DETERMINATION OF ELIGIBILITY FOR REDUCED RATE LOANS; PROCEDURES.

   (a)    An eligible lending institution that desires to receive a linked deposit shall accept and review applications for loans from eligible businesses. The lending institution shall apply all usual lending standards to determine the credit worthiness of each small business.

   (b)    An eligible business shall certify on its loan application that the reduced rate loan will be used exclusively to create new jobs or preserve existing jobs and employment opportunities. Whoever knowingly makes a false statement concerning such application is guilty of the offense of falsification under Ohio R.C. 2921.13.

   (c)   In considering which eligible businesses should receive reduced rate loans, the eligible lending institution shall give priority to the economic needs of the area in which the business is located and the number of jobs to be created or preserved by the receipt of such loan.

   (d)   The eligible financial institution shall forward to the Wooster Growth Corporation a linked deposit loan package in the form and manner as prescribed by the Corporation. This package shall include such information as required by the Director of Finance, including the amount of the loan requested and the number of jobs to be created or sustained by each eligible business. The institution shall certify that each applicant is an eligible business and shall for each business certify the present borrowing rate applicable to each specific eligible business.

(Ord. 1999-10. Passed 3-1-99.)