Bakersfield Economic Stimulus Project
Partner Requirements
The Bakersfield Economic Stimulus Project will not provide grants or loans. However, the Bakersfield Economic Stimulus Project would provide partnerships by investing into new businesses up to $100,000.00.
The requirements to become a partner (three year term) of the Bakersfield Economic Stimulus Project will be:
At least one owner must be a resident of Bakersfield for two years consecutively prior to application.
At least one owner must be a U.S. born citizen or a neutralized citizen for a minimum of 10 years.
Employ a minimum of five people; which can include the owner(s) (Contracted workers are acceptable).
The lease or purchase of property; no home-based businesses.
Must have a complete business plan.
Agree to 20 hours per year in community awareness projects (which may include fundraising) via the Bakersfield Economic Stimulus Project.
The business will include the Bakersfield Economic Stimulus Project logo/link in all advertising.
Open business within three months of receiving partnership funds.
Must attend a minimum of three business classes offered by Bakersfield Economic Stimulus Project (Free).
When possible; purchase supplies, inventory and any assets (equipment) from other Bakersfield businesses. Especially from those businesses that have invested in the Bakersfield Economic Stimulus Project.
The business must have a website maintained by the Bakersfield Economic Stimulus Project.
The business must advertise via the Bakersfield Economic Stimulus Project based on the business plan projected budget.
Provide a financial statement each month for three year term by the 15th of following month.
Invest 5% of profits back into the Bakersfield Economic Stimulus Project to stimulate other businesses with a predetermined minimum based on the business plan by the 20th of each month.
If the business falls behind or does not invest the predetermined minimum by the 25th of each month; the business owner agrees to a project manager provided by the Bakersfield Economic Stimulus Project to step in to handle finances for the next three months.
If the business fails, the Bakersfield Economic Stimulus Project will take over complete control of the business with no further obligations to the owner(s).
The business can not sell assets without the approval of the Bakersfield Economic Stimulus Project.
After three years; the business is released to the owner(s) with no further obligations.
Disqualified businesses:
To become a PartnerGentlemen’s ClubsStrip clubsEscort servicesPersonal dancersCigaretteSmoke shops Liquor StoresAdult viewing only stores
