HomeMy WebLinkAboutResolution - 2003-R0067 - Micro-Enterprise Loan Program Policy For Community Development Department - 02_13_2003Resolution No. 2003—R0067
February 13, 2003
Item No. 45
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock hereby accepts and adopts the Micro -
Enterprise Loan Program Policy for the Community Development Department. Said Policy is
attached hereto and incorporated in this resolution as if fully set forth herein and shall be
included in the minutes of the City Council.
Passed by the City Council this 13th day of February , 2003.
GAL, MAYOR
ATTEST:
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
cy Hand
Community velop denDirector
APPROVED AS TO FORM:
ccdocs/Micro-Enterprise. res
February 3, 2003
Resolution No. 2003—R 0067
Program Guidelines
Maximum Loan Amount:
The maximum loan amount for the Micro -Enterprise Loan Program is
$24, 000.
Minimum Qualifications for Application:
1. The proposed/existing business must have 5 of fewer employees.
The total of 5 does include the owner(s).
2. The business must be located within the city limits of Lubbock.
3. The applicant must meet income guidelines as set forth by the
Department of Housing and Urban Development.
Additional Qualifications that must be Satisfied:
l . The applicant must not be delinquent on any federally funded
programs. This would include any student loans.
2. The applicant may not be delinquent on any taxes. This would
include but is not limited to any taxes payable to the Internal
Revenue Service, the City of Lubbock, and Lubbock County.
4. The applicant may not have been the subject of any civil actions.
5. Any applicant may not have been the subject of a Bankruptcy
within the last 5 years.
Application Process Includes:
1. Completed "Financial Statement and Application for Loan"
➢ An application must be completed by anyone with a 20% or
greater ownership in the business.
2. Current financial statements, including:
➢ applicant's tax returns from the previous 3 years
➢ financial statements should be provided if the business is
currently in operation
3. Completed Business Plan that includes:
➢ Detailed description of the business
➢ Date established
➢ Type of business
➢ Experience or education in chosen field of business
➢ Market research
➢ Market plan
➢ Location
➢ Forecasts for expenses and revenues