Criteria for Participation:

1. The business must be located in an Arterial Commercial District, a Business

    Commercial District, or a Light Industrial District.

2. Qualified small business applicants must have gross receipts of less than

    $350,000 or employ less then the equivalent of 5 full-time employees. For a small

    business to qualify as a start-up, a small business must be within the first year of

    operation.

3. Applicants must submit a concept document and sufficient financial information to

    allow the Economic Development Committee to pass judgment on a letter of

    application. The Committee may request additional information and requires that

    applicants submit a full business plan, balance statement, identification of other

    funding sources, and other such information.

4. The business owner must meet with staff of Western Iowa Development

    Association to review or develop a business plan and to discuss other possible

    funding incentives.

5. The business must be in conformance with all regulations, codes, or licensing

    standards.

6. Once the Economic Development Committee is satisfied that the applicant has

    fulfilled all requirements, the funding request will be forwarded to the Walnut City

    Council for final consideration.

7. The program reimburses expenses and does not advance money without

    documentation supporting the request for reimbursement.

8. Other reasonable conditions may be created by the Economic Development

    Committee at its discretion.