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3. Job Cost Ratio <br />The cost per job for the total portfolio will be maintained at $35,000 per job. <br />This amount may vary for individual loans. Actual created jobs are the result of <br />and attributable to the IRF loan and have to be verified by a borrower. For <br />purposes of the calculation, jobs will be counted as outlined below: <br />• Only jobs created or retained within (5) five years of a loan's initial funding <br />will be counted or if construction is involved, within (5) five years after <br />construction completion regardless of the status of the loan <br />• Only permanent and directjobs will be counted <br />• Part-timejobs will be summed to full-time equivalents (FTE) based on one- <br />half FTE for each part-time job, assuming that a part-time job is, at least, <br />(20) twenty hours per week. <br />• Jobs will only be counted as retained when there is sufficient evidence that <br />without the IRF loan they would have been lost. <br />F. IRF LOAN SELECTION CRITERIA <br />1. Financing Not Otherwise Available <br />The IRF will require the borrower to provide evidence demonstrating that credit <br />is not available on terms and conditions that permit the completion or successful <br />operation of the activity to be financed. That evidence may include but not <br />limited to: <br />* A bank turndown letter <br />0 List of banks contacted, funds requested, and banks' verbal response <br />IRF analysis showing borrower's creditworthiness to be insufficient for <br />conventional financing <br />2. Economic Impact Criteria <br />The IRFwilI consider a number of criteria as follows: <br />0 Numberofjobs <br />0 Quality of job wages and benefits <br />Does the business export goods or services out of the community, or does it <br />provide a substitute for imported goods or services <br />18 <br />