ORGANIZATION: Westside Development Corporation (WDC) - Project Committee
POSTING LANGUAGE:
Discussion and possible action on a recommendation to the Board of Directors regarding guidelines for the WDC Loan and Grant Program.
SUMMARY:
WDC staff will present revised loan and grant program guidelines for fiscal year 2016.
BACKGROUND INFORMATION:
General
FISCAL IMPACT:
RECOMMENDATION:
FY2016 Program Funding Amounts
WDC staff recommends that program funding amounts remain the same as FY14 (i.e. 80% for loans and 20% for project).
* The Finance Committee has reviewed this recommendation on October 14, 2015, and recommends approval of the same amounts for FY15.
Business Growth Grants Program
The Finance Committee reviewed these recommendations on October 14, 2015, and recommends approval of the guidelines and changes.
* WDC staff recommends adopting revised program guidelines. The following programmatic changes have been incorporated:
1. Clearer definition of types of businesses that can receive grants
2. Timeline for business who have received a Business Growth Grant regarding eligibility for additional grants.
3. Timeline for businesses who have received WDC loan funds and eligibility for Business Growth Grant funds.
4. Definition for size of business, based on gross revenue, that is eligible to receive the grant.
* WDC staff recommends awarding matching grants of up to $5,000 per business. This is the same as FY14.
WDC Loan Program
The Finance Committee reviewed these recommendations on October 14, 2015, and recommends approval of the guidelines and changes.
* WDC staff recommends adoption of revised external and internal loan program guidelines. The following programmatic changes are incorporated into the guidelines:
1. Timeline for businesses who have received WDC loan funds and eligibility for Business Growth Grant funds.
* WDC staff recommends changing the minimum loan amount from $5,000 to $15,000.
* WDC staff recommen...
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