My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
03-06-00
10.0.0.9
>
City Council
>
CC Packets
>
2000's
>
2000
>
03-06-00
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/27/2021 3:14:15 PM
Creation date
10/8/2007 10:35:23 AM
Metadata
Fields
Template:
City Council
City Council - Type
CC Packets
Date
3/6/2000
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
108
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
DEFINITION OF PUBLIC PURPOSE <br /> 1. To provide loans for creditworthy businesses that creates new jobs. <br /> 2. To provide loans for creditworthy businesses that would increase the community tax base. <br /> 3. To assist new or existing industrial and commercial businesses to improve or expand their <br /> operations. <br /> 4. To provide loans to be used as a secondary source of financing that is intended to <br /> supplement conventional financing(bank financing). <br /> 5. To provide loans in situations in which funding gap exists. <br /> 6. To provide funds for economic development that could be used to assist in obtaining other <br /> funds such as Small Business Administration loans,federal and state grants, etc. <br /> THE HASTINGS ECONOMIC DEVELOPMENT FUND POLICIES <br /> I. BUSINESS ELIGIBILITY <br /> • Industrial businesses. <br /> • Non competitive commercial businesses which enhance the community. <br /> • Creditworthy existing businesses located witlun Hastings. <br /> • Non-credit worthy start-up businesses with worthy feasibility studies at the <br /> discretion of the City. <br /> 11 LOAN AMOUNT <br /> • $10,000 loan per each job created, or$5,000 per every $20,000 increase in property <br /> market valuation, or$5,000 per every$20,000 increase in personal property used for <br /> business purposes,whichever is higher. <br /> III. FINANCING METHOD <br /> • COMPANION DIRECT LOAN Example: Equity 20%, HEDF 30%, and bank <br /> 50%. (All such loans may be subordinated to <br /> the primary lender(s) if requested by the <br /> primary lenders(s). HEDF loan is leveraged <br /> and the lower interest rate of the HEDF <br /> lowers the effective interest rate on the entire <br /> project). <br />
The URL can be used to link to this page
Your browser does not support the video tag.