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How long does the process take? <br />From the time the EDA receives application and a lender commitment letter, preliminary <br />approval takes approximately two weeks. After preliminary approval, another six weelcs <br />should be allowed to request a check for the closing. Normally, the borrower is busy putting <br />together final bids and estimates during this dine. <br />The EDA cannot finance any work started prior to the loan closing date. If extenuating <br />circumstances arise that require work to be started before loan closing, you must request a <br />waiver in writing from the EDA to approve the project start. In no case can work be Financed <br />which was performed prior to receipt of an application. <br />Eligible Applicants <br />Businesses receiving loans through this program must: <br />• In the event that the borrower moves his /her business out of the City of Columbia <br />Heights, the loan will become due and payable. <br />• Be a for - profit corporation, partnership, or sole proprietorship, tenant operators or <br />contract for deal purchases. <br />• Be a "small business" as defined in the regulations of the United States Small <br />Business Administration. <br />• Have ability to repay the loan and be an acceptable credit risk as determined by a <br />bank. <br />• Benefit a business located on property in Columbia Heights on which the business is <br />a conforming use or a legal non- confoiuiing use under the City Zoning Ordinance. <br />• Upon completion of improvements, the applicants property must pass a Columbia <br />Heights EDA health and safety inspection. <br />• The applicant must use licensed contractors and must meet the insurance and bonding <br />requirements of the bank. In addition, all rehab work must meet Columbia Heights <br />City codes and appropriate permits must be pulled for such work. <br />Eligible Improvements <br />Exterior Improvements <br />• All work on the front and sides of business buildings facing public streets <br />• Cleaning, painting and staining of exterior surfaces <br />• Masonry repairs <br />• Repairing or replacing of cornices, entrances, doors, windows, decorative <br />details and awnings <br />• Removal, repair, or replacement of signs <br />• Roofing <br />• Handicap access <br />• Streetscape costs not financed by special assessment <br />• Parking Lot Improvements, including lighting, landscaping, and blacktop <br />9 <br />