HomeMy WebLinkAboutExhibit 1Exhibit A
Special Terms for the Loan Pilot Program for District 3 or District 4
A Special Target Area is being formed for the City of Miami ("City") Loan Pilot
Program to provide forgivable loans of up to $10,000 to for-profit businesses. The
Economic Development Loan Fund Program Guidelines are amended as follow for
this Pilot Program:
Special Target Areas
• District 3 of the City of Miami
• District 4 of the City of Miami
Loan Criteria
Job Creation and Retention:
• All loans will require applicants to create or retain one, full time, permanent job for
every $10,000.00, or parts thereof, loaned.
Loan Amount:
• Up to $10,000
Loan Term:
• Repayment shall be forgiven if borrower meets the job creation/retention requirements
outline in the Loan Fund Program
• If borrower does not meet requirements, the loan will have to be paid in full to the City.
Interest Rate:
• 0% per annum
Loan Approval
• Loans to be approved by a loan committee(s) to be made up of 3 members comprising
of 2 staff members to be appointed by the City Manager or his designee, and one
member appointed by the District.
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