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EDC Minutes <br />November 6, 2013 <br />Page 2 of 2 <br /> <br />Chair von Holtum noted that the requirements for job creation listed in section 2 of “Criteria for <br />Use of Funds” in the existing revolving loan fund guidelines was unclear. It was maybe created <br />specifically for the previous Guidant loan and was no longer applicable. <br /> <br />Commissioner Erickson asked whether the loan program would be marketed directly to <br />businesses. <br /> <br />Community Development Director Hutmacher stated that the program would be marketed to <br />local banks since the loan program requires loans to be made in participation with banks which <br />would be responsible for underwriting and loan administration. Also, banks are likely to be <br />already working with businesses which are planning expansion projects and know which projects <br />may need additional financing and would fit City loan guidelines. <br /> <br />Commissioners agreed that marketing to banks would be effective and that local bankers <br />communicate with each other and could help market the program. <br /> <br />Commissioner Erickson suggested that the guidelines could be better defined to decrease <br />business uncertainty. <br /> <br />Chair von Holtum recommended that staff speak to local bankers to help define the program. <br /> <br />