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HomeMy WebLinkAbout6-1 Community Business Investment Partnership Grant Policy POLICY Section Policy No. Page 2neeIiill Economic Development 6-1 1 of 2 COUNTY Policy Title Date: Motion No. Community Business Investment September 14, 2021 340/21 Partnership Grant Policy Policy Statement: Kneehill County recognizes the valuable impact that local businesses have on the economy and encourages them to expand and diversify through the Community Futures Wild Rose, Community Business Investment Partnership (CBIP).The CBIP Partnership provides loans to eligible applicants that wish to improve the appearance and/or functionality of their business.To ease the financial burden of these improvements,the Kneehill County CBIP Grant will afford approved recipients a refund of interest paid through the program. Purpose: The purpose of this policy is to outline Kneehill County's Community Business Investment Partnership(CBIP) Grant guidelines in collaboration with Community Futures Wild Rose Community Business Investment Partnership (CBIP) Loans. Policy Guidelines: 1. Partnership Terms: 1.1. Kneehill County will enter into a written agreement with Community Futures Wild Rose to define the mutual terms of the partnership. 1.2. Loan interest will be a maximum of 5% in accordance with Community Future Wild Rose's lending guidelines and policies. 1.3. Total Community Futures CBIP Loans will not exceed $10,000.00 per application to a maximum of $30,000.00 per annum to eligible Kneehill County businesses. 1.4. Total Kneehill County CBIP Grants will not exceed $2700.00 per annum. 1.5. Businesses may access funds more than once for staged improvements provided the first loan is repaid within Community Future Wild Rose's lending guidelines and policies. 2. Eligibility: 2.1. In addition to obtaining lending approval from Community Futures Wild Roses,the CBIP Grant will be limited to those businesses that: a) Have obtained all necessary Kneehill County Planning and Development permits and licenses. b) Have been in business for a minimum of 1 (one)year and are deemed by Kneehill County to be in good standing. POLICY Section Policy No. Page Economic Development 6-1 2 of 2 Policy Title Date: Motion No. Community Business Investment September 14, 2021 340/21 Partnership Grant Policy 2.2. The following are not eligible for funding under this policy: a) Projects that have already been started or completed. b) Projects that do not contribute specifically to the appearance and/or functionality of the applicant business. 3. Applications: 3.1 Applications must be submitted directly to Community Futures Wild Rose for CBIP Loan consideration. 3.2 Application summaries will be submitted to Kneehill County, directly from Community Futures Wild Rose, to verify eligibility in the CBIP Grant Program. 4. Notification: 4.1 Applicants will be notified in writing of their approval or rejection of the CBIP Grant. 5. Disbursement of Funds: 5.1. Grant funds will be issued directly to approved grant recipients: a) For the amount identified by Community Futures Wild Rose as the total interest paid by the grant recipient during the term of their CBIP Loan. b) Following Kneehill County receiving notification from Community Futures Wild Rose that the corresponding loan has been paid in full within their amortization schedule. 5.2. Approved grant recipients that re-locate out of Kneehill County or cease operations during the term of their CBIP Loan will be automatically disqualified from receiving the CBIP Grant. Jerry Wittstock, Mike Haugen, Reeve CAO Approved: September 14, 2021 340/21 Review Date: September 14, 2025