CCP 08-25-1997 - Laserfiche WebLink

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W ELIGIBLE PROJECTS e The following types of activities are eligible for use ofRLF funds for private, for-profit businesses. 1. Existin!! Business Expansion Defined as Office/Industrial related expansion, including land and building acquisitions and construction, remodeling, relocation, equipment acquisition, and public facilities improvements. 2. Business Eouioment Acouisition Defined as the purchase of additional depreciable assets for the purpose of expanding industrial activities. 3. Development of New Business Defined as the establishment Office and Industrial businesses in all phases, including land, building acquisition and construction, remodeling and equipment acquisition. 4. Workin!! Caoital. 5. Professional Fees. 6. Infrastructure Improvements Necessarv to Support New or EXj;landin!! Businesses. CRITERIA FOR USE OF FUNDS . 1. The project should leverage at least two dollars for every EDA dollar invested. 2. Creates at least one White Collar job for every $5,000 in RLF money. Creates at least one High-Tech-Office/High-Pay for every $5,000 in RLF money. Creates at least one High-Tech-ManufacturinglHigh-Pay for every $2,50.0 in RLF money. Retains at least one White Collar, High- Tech-Office/High-Pay, orHigh-Tech- Manufacturing/High-Pay job for every $1,0.00 in RLF money. 3. The project should include a borrower's equity contribution of 10% of the total project cost at a minimum. 4. The EDA may finance no more than 5.0% ofthe borrower's working capital needs. 5. The EDA may finance no more than 33% of the cost of the project. 6. Loan will be in a junior collateral position to the major source of project financing, unless revolving loan fund proceeds are the primary source of funds. 7. The term of the loan should coincide with the term of the private portion of the loan, but may be shorter. .