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

Home Browse Search

ATTACHMENT 1 TO EXHIBIT B CITY OF LAKEWOOD Forgivable Loan Criteria Target Market • Small businesses seeking to locate or expand their current operations in the City of Lakewood; • Entrepreneurs seeking to start a small business in the City of Lakewood; • New and existing small businesses that advance the commercial development goals outlined in Lakewood's Community Vision document and support the overall objectives of the city's long -term economic development strategy as follows: Ensure the long -term viability of the city's commercial corridors; Create new and /or retain existing jobs; Complement and strengthen economic development efforts along Madison Avenue (Madison on the Move Initiative); Utilize sustainable development practices; Preserve and respect Lakewood's historic context; Increase the City's tax base; Stimulate or leverage private investment. • Businesses located in Lakewood's HUD - designated Commercial Improvement Target Area. Criteria • Forgivable loans are based on a three to five year payback period; • Eligible uses of forgivable loan funds include but are not limited to capital expenditures, permanent building improvements, and building purchase; • Ineligible uses of forgivable loan funds include but are not limited to working capital, marketing and sales expenses; and the purchase of equipment and furnishings; • The scope of eligible forgivable loan fund uses may be amended at the City's discretion on a project basis; • New Businesses Business Plan with performance projections reviewed and approved by the city's Small Business Development Center (SBDC) partner; Current and projected payroll for the forgivable loan payback period; Resumes of principals with at least a 10% ownership stake in the funded business concern; Detailed project budget that clearly identifies the all funding sources and the intended uses of forgivable loan funds; Conformity with Lakewood's zoning and signage ordinances and the city's building code. • Existing Businesses Complete, certified financial statements (mast recent two years); Performance projections for the forgivable loan payback period; Current and projected payroll for the forgivable loan payback period; Resumes of principals with at least a 10% ownership stake in the funded business concern; Detailed project budget that clearly identifies the all funding sources and the intended uses of forgivable loan funds; Conformity with Lakewood's zoning and signage ordinances and the city's building code. 16 of 17