The Revolving Loan Fund Committee is made up of five members. Each member serves a five year term, each staggered so that there is always a quorum of members serving. Two members constitute a quorum to do business. Members consist of individuals with financial backgrounds representing either the business community in general or a financial institution. The committee will review all applications after receipt by City staff and determine the project’s potential and the creditworthiness of the applicant(s). They shall meet with applicant(s), representative(s) of the participating lending institutions (if necessary), visit the site (if necessary), and recommend terms and lengths of the loan and the security required, and help ensure compliance with the revolving loan fund’s goals and objectives. The committee makes a recommendation for approval or denial that is brought before City Council by staff for final recommended approval or denial.