8948-17 Authorize Agreement to Operate the Small Business Performance Grant Program

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• The point person will also be responsible for handling the business needs that are associated with the application such as obtaining any City permits and approvals. The City may also offer other incentives to the business such as waiver of permit fees and tax abatement, etc. JOB CREATION EVALUATION AND REPORTING: • Performance of the City will be evaluated according to the City's loan criteria ( "Forgivable Loan Criteria ") set forth in Attachment 1 to this EXHIBIT and by a standard job creation /retention goal of one (1) job created and /or retained per each $35,000 of grant capital provided. The City to provide documentation to the County on a quarterly basis, detailing for each specific loan: the business name /address /owner(s), the description of the Borrower's Project, the extent to which the City's Forgivable Loan Criteria have been met, total loan amount, uses of the funds, close date, and loan forgiveness timetable. Reporting must include the following information for each job created and each job retained: • Rate of pay (hourly wage and usual number of hours worked per week; • Whether or not the job provides access to health insurance and other benefits; • Whether or not the job provides access to a retirement savings plan; • The race of the person holding the job (retained) or newly hired for the job (created); and • The race of the business owner. OTHER DOCUMENTATION REQUIRED: • The City's Forgivable Loan Criteria in Attachment 1 (including targeted industries and targeted areas), and Loan Agreements, Notes and Subordination boilerplates will be provided to the County. • The City's Program requirements (e.g. lending caps, small business borrower qualifications, required business plans, and SBDC technical assistance) will be provided to the County. PARTNERS, DEFINITIONS, ROLES AND RESPONSIBILITIES: PERFORMANCE GRANT: A forgivable loan from a Participating Municipality (as defined below) to an eligible small business borrower. Said forgivable loan is funded by both the City and Cuyahoga County through the community's designated Municipal- County Credit Enhancement Fund. The Performance Grant is forgiven over a specified period. The Performance Grant is subordinated and placed on standby, and thus considered equity by the SBA. PARTICIPATING City: A qualified City in Cuyahoga County that creates and operates a Municipal - SBA Small Business Performance Grant Program and assembles and operates an associated Municipal- Cuyahoga County Credit Enhancement Fund, as described above, for the benefit of qualified small business borrowers within its community. APPLICANT: A small business eligible under the SBA capital access loan programs, publicized under SOP 5010. Applicants must use all project funding as stated in their business plan and SBA application. 14 of 17