Community Development Block Grant (CDBG) Program: The purpose of the CDBG Program is to create and retain permanent, private sector job opportunities, principally for persons from low and moderate income households while increasing the tax base in Edmond.
- Eligible types of CDBG loans include the following:
- Fixed assets loans for the acquisition and/or improvement of land, building, machinery and equipment including new construction or renovation of existing facilities, demolition and site preparation (not to exceed the life of the asset).
- Working capital loans for the start-up of new businesses or conduct of current business.
- Each loan should produce at least one (1) new or retained permanent, full-time equivalent job for each $9,000 of CDBG money.
- At minimum, at least 51% of the permanent, full-time equivalent employment opportunities created or retained must be made available to persons from low/moderate income households. (Guidelines provided)
- For every dollar of CDBG funds included as part of the financing package, at least $1 of other funds must be injected into that project. Private sector dollars may include banks, savings and loans, state or federal loan programs, etc.
- No applicant will be denied a loan on the basis of race, color, national origin, religion, age, disability or sex.
- The program must be assured that required financing is not available through other sources and that without CDBG program involvement, the project will not proceed and employment opportunities will not be created or retained as planned. This assurance will be obtained through credit analysis of the applicant's financial capacity.