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Project Financed <br />By the Oakdale <br />Seed Fund <br />The purpose of the Oakdale Seed Fund is to provide assistance to <br />small business. This may occur by directly providing financing to <br />the small business or indirectly by providing financing to a <br />developer who will build a facility to assist a small business. <br />Eligible Applicant <br />Defined ' Applicants may be small businesses or developers that are <br />organized as a proprietorship, partnership or corporation. <br />Size Eligibility <br />For Businesses <br />Sound Business <br />Purpose <br />For purposes of the Oakdale Seed Fund, a business may qualify if <br />its sales are less than $6 million annually for each of the last two <br />fiscal years preceding the application for assistance from the fund. <br />The Economic Development Authority may make exceptions to <br />this rule on a case -by -case basis. <br />The proceeds from a loan made through the Oakdale Seed Fund <br />are to be used to assist an identifiable small business concern or a <br />developer in accomplishing a sound business purpose. A sound <br />business purpose would not exist if any of the following conditions <br />occur: <br />If the project proposed will destabilize existing multi -tenant <br />facilities or have an adverse impact on them. <br />If it is to accomplish an expansion or conversion which is <br />unwarranted in light of the small business concern's past <br />experience and management ability. <br />Ineligible <br />Projects a) Retail businesses <br />b) Nonprofit institutions <br />c) Gambling organizations <br />d) Lending or investment organizations <br />e) Land held primarily for sale or investment <br />Project Costs "Project costs" should be limited to direct expenditures necessary <br />to acquire, construct, convert, or expand a business including site <br />52 <br />