Interested businesses shall submit a pre-application abstract (PDF) to the Planning and Community Development Office. If the proposed enterprise is consistent with the goals of the MBLF the applicant will be invited to submit a full application.
The applicant shall then submit an original and five (5) copies of the loan application (PDF) and supporting materials. Only complete loan application packages will be forwarded to the Loan Committee for review. There is a $30 loan application fee.
Planning and Community Development staff shall prepare a summary and recommendation for the Loan Committee members. The Loan Committee will be afforded access to the entire application file and will act to approve or deny each loan application. Recommendations for loan approval by the Loan Committee must be ratified by City Council.
The loan package will be considered at a regular meeting of the Loan Committee in the absence of the applicant. The applicant will be given an opportunity to present the committee with additional information, answer questions, and respond to concerns or criticisms at a separate meeting if so desired by the Loan Committee.