The purpose of the Wishek JDA is to provide business and financial assistance to startup, expansion and recruited businesses, focusing on, but not limited to, primary sector businesses. The Wishek JDA also has an interest in increasing employment opportunities for area residents, and will assist projects which have this as their focus.
Any business venture which currently operates, or proposed to operate within the market area of the City of Wishek, which the JDA Board believes will have a direct benefit to the economy of Wishek, and/or contribute to an improvement in the overall quality of life for area residents.
Those organizations not eligible for assistance for the authority including the following:
• Public Utilities
• Church or church owned or operated facilities.
• Civic groups, social organizations and service clubs.
• Public institutions and non-profit organizations exceptions for non-profits whose mission is the economic development of the community.
Financial and Technical Assistance:
The Wishek JDA has funds available for financing any aspect of the proposed business project. These include:
• Equity Investments
• Research & Development
• Working Capital
• Fixed Assets: land, buildings, equipment
• Accounts Receivable
The Wishek JDA may also provide technical assistance in the areas of business planning, budgeting, research and coordinating various services between project principals and appropriate local, state and federal agencies.
Businesses requesting financial assistance from the Wishek JDA should submit in writing the following information to be considered for funding:
1. Purpose of Request
2. A Business Plan
3. In the case of an existing business, historical financial statements documenting past performance.
4. Financial projections including: income statements, cash flow statements and balance sheets for two years with the first year showing monthly figures.
5. A source and use statement which documents the financial contribution and use the funds by all participants.
6. Letters of commitment from all participants, including the business.
All financial requests will be reviewed by the Chairman prior to submission of the Board to ensure that all requested documentation is completed. The Board meets monthly or on an as needed basis to review applications for assistance. The Board shall approve or disapprove the request within 30 days.
The Wishek JDA Board of Directors will review these policies and guidelines annually at such time as new directors are appointed to the board (December of each year). In the event changes are made, the JDA will present the revised policies and guidelines to the Wishek City Council for final approval.