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<br />OBJECf{VES: <br /> <br />The puqnc.e of the small husines.~ Revolving Loan Fund (RLF) is to: <br /> <br />1) Foster the crf'lttion or retention of ,jobs and businesses for persons from low and <br />moderate income households. <br /> <br />2) Encourage entrepreneurial efforts within the City. <br /> <br />3) Encourage invesbnent in properties which the City has targeted for development or <br />redevelopment. <br /> <br />.> <br /> <br />ADMINISTRATION: <br /> <br />Participation Agreement: An agreement between the participating private lending <br />institution and the C,ity of Roseville shall be established. The agreement shall provide for <br />the complete loan package to be disbursed and serviced by the private lending institution. <br />The agreement shan detail the division of responsibilities, cost sharing, approval sign--offs, <br />liquidation procedure, legal remedies, remittance of RLF portion of loan payments to the <br />City, and other pertinent issues. <br /> <br />Preapplication: The Roseville Economic Development Authority (EDA) must provide a <br />resolution of support prior to the approval of any loan. The EDA's review shall be <br />limited to a determination of the proposed business's activity being in confonnance with <br />local land use regulations and the City's economic development goals. <br /> <br />Final application: Completed standardized forms, as developed by the bank, must be <br />submitted to the private lending in&itution. The application must include a business plan <br />and business pro fonna. Assistance in preparing a business plan and pro forma may be <br />obtained at the District 916 Technical College Small Business Development Center. The <br />application shall be reviewed by both the private lending institution and the HRA. <br /> <br />Waiver of RLF program guidelines: <br /> <br />Federal requirements - no waivers are permitted when federal funds are used. <br /> <br />Local requirements ~ may be waived by the EDA. Waivers to local loan criteria <br />shall be considered only under extraordinary circumstances. Any loan granted a <br />waiver shall also be ranked as a second priority loan and will be funded only after <br />all other loans meeting the criteria are funded (if funds are available). <br /> <br />Reuse of Funds: As the portion of loans attributable to the RLF program are paid off <br />and remitted to the HRA, they will be made available for new small business loans. <br /> <br />1 <br />