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EXHIBIT B <br />LAKEWOOD - CUYAHOGA COUNTY CREDIT ENHANCEMENT <br />11111TLa <br />SCOPE AND USE OF THE FUND <br />PROGRAM GUIDELINES <br />PURPOSE: <br />To combine City and County funding resources toward fostering and accelerating small <br />business startups and expansions in the City of Lakewood ( "City ") which desires new <br />entrepreneurship and high growth. <br />• To provide funds to attract or maintain small businesses, including, but not limited to, those <br />businesses that need assistance to close a financing gap due to its lack of cash resources to <br />qualify for conventional bank financing, by providing these entrepreneurs with a performance <br />grant /forgivable loan (i.e. Performance Grant) and technical assistance from the SBDC (i.e. <br />the Urban League of Greater Cleveland); said assistance combined to achieve an SBA <br />guaranteed bank loan. <br />• To have the City lead the funding and programmatic operation of the initiative in securing small <br />businesses the above - stated capital financing and negotiating the other critical pathways <br />needed for their success. <br />QUALIFICATIONS OF MUNICIPALITY PARTICIPATION: <br />• City to provide documentation in a form that is acceptable to the County that a program has <br />been established in a manner that is consistent with EXHIBIT A "SCOPE AND PROCESS OF <br />THE PROGRAM." <br />Firm commitment of $50,000 - $200,000 by the City to the Lakewood -- County Credit <br />Enhancement Fund, set aside for a two -year period, which will be utilized to provide <br />performance grants /forgivable loans for qualified small business borrowers. <br />Demonstrated bank interest for participation in the City's Program. <br />REQUIREMENTS OF CITY: <br />City to certify that is possesses the legal authority and has appropriated funds to meet the <br />requirements of the contract as provided in the attached form — EXHIBIT C. <br />Establish an intake point - person who will be responsible for administrating the Program and <br />act as coordinator with the County, the Urban League and the SBA as provided in EXHIBIT A. <br />t3 of 17 <br />