Policy for Use of JDA
Funds
Types of business which
qualify for assistance:
- Entities
that create new jobs or expand the existing work force within
the county1.
- Primary
sector business to include all types of business which brings
new revenue in to the county. Service sector business is eligible
provided the need and feasibility can be demonstrated. Retail
business may also be eligible but the potential adverse competition
to existing business within the community will be a primary
issue.
- Assistance
may be considered to private enterprises as well as community
owned ventures.
- CCJDA assistance
is not intended to be the primary source of funding in any
given project. Recommendations for financial assistance may
be appropriate when that assistance has a positive effect
in influencing the decision of other lenders.
- Proposals
that encourage recreation and tourism within the county are
eligible for consideration provided an economic benefit can
be demonstrated. Use of funds in this area which are ineligible
for assistance are: Public works projects or improvements
for the general conduct of government or which are predominantly
used for municipal purposes.
- Assistance
to facilitate the transfer of ownership in an existing business
may be considered provided that the business is determined
to have economic viability. This provision is not intended
to provide for the refinance of existing debt by family members
- The refinance
of existing debt will not be considered under any circumstances.
- Personal
guarantees from involved parties and/or sufficient collateral
will be required from involved parties to secure JDA investment.
1The
terms county and community are intended to encompass the same
area and should be deemed to be interchangeable terms.
Projects Which Can
Be Funded:
-
Loans
-
Interest
Buy Downs
-
Feasibility
Studies
-
Business
Plans
-
Hiring Professional
Staff
-
Marketing
Consultants
-
Architectural
and Engineering Fees
-
Staff Hired
for Recruitment of Canadian Firms on an Ongoing Basis
-
Subsidizing
Rent or Utilities for a Business (Incubator Projects)
-
Patenting
Processing (with a request to the firm to make a donation
to the JDA Foundation 3-5 years after the firm had been in
existence)
-
Sponsoring
Seminars
-
"Hard" Costs
associated with Langdon Loan Pool (e.g., attorney's fees,
filing fees, processing fees, appraisal costs, fees, etc.)
-
Buying,
Leasing or Selling Buildings, Real Estate and Equipment
-
Tourism
Planning (brochures, etc.)
Last Resort For Use
Of JDA Funds:
- Costs associated
with Sewer and Water Facilities
- Electrical
Service and Utility Hookups
- Service
Fees of Loans Associated with Langdon Loan Pool
Primary Sector
An individual,
corporation, partnership, or association which, through the employment
of knowledge and/or labor, adds value to a product, process, or
exported service that results in the creation of new wealth. Primary
sector businesses are typically considered to be manufacturing,
food processing and exported services. The term includes tourism
but does not include production agriculture.
|
|
