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2018-08-27 EDA Packet
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2018-08-27 EDA Packet
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8/27/2018 9:38:52 AM
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Project c I ed <br /> By the Oakdale <br /> Seed The purpose of the Oakdale Seed Fund is to provide assistance to <br /> small business. This may occur by directly providing financing to <br /> the small business or indirectly by providing financing to a <br /> developer who will build a facility to assist a small business. <br /> ApplicantEligible <br /> Applicants may be small businesses or developers that are <br /> organized as a proprietorship,partnership or corporation. <br /> Size Eligibility <br /> For Businesses For purposes of the Oakdale Seed Fund, a business may qualify if <br /> its sales are less than $5 million annually for each of the last two <br /> fiscal years preceding the application for assistance from the fund. <br /> The Economic Development Authority may make exceptions to <br /> this rule on a case-by-case basis. <br /> Sound Business <br /> Purpose The proceeds from a loan made through the Oakdale Seed Fund <br /> are to be used to assist an identifiable small business concern or a <br /> developer in accomplishing a sound business purpose. A sound <br /> business purpose would not exist if any of the following conditions <br /> occur: <br /> a) If the project proposed will destabilize existing multi-tenant <br /> facilities or have an adverse impact on them. <br /> b) If it is to accomplish an expansion or conversion which is <br /> unwarranted in light of the small business concern's past <br /> experience and management ability. <br /> Ineligible <br /> Projects a) Retail businesses <br /> b) Nonprofit institutions <br /> c) Gambling organizations <br /> d) Lending or investment organizations <br /> e) Land held primarily for sale or investment <br /> Project Costs "Project costs" should be limited to direct expenditures necessary <br /> to acquire, construct, convert, or expand a business including site <br />
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