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8. A written request for an extension shall be accompanied by a copy of current <br />financial statements and a $500 upfront processing fee. The processing fee is <br />used to cover processing expenses and will be returned if request is denied. The <br />application for an extension beyond the original term should include a letter of <br />denial from a conventional lender. Refinancing will not be allowed solely for the <br />purpose of reducing the interest rate due to lower market interest rates. <br />9. The EDA Finance Committee will recommend the approval, denial, or request a <br />resubmission. A recommendation from the Finance Committee will be <br />forwarded to the EDA for final action. <br />X. LOAN POLICY REVIEW <br />The above criteria will be reviewed on an annual basis to ensure that the policies <br />reflected in this document are consistent with the economic development goals set <br />forth by the City. <br />XI. RIGHT OF REFUSAL <br />The Elk River Economic Development Authority may deny any project which it <br />deems inappropriate according to the guidelines established in this document. <br />XII. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br />Each company receiving assistance in the principal amount of $75,000 or more from <br />the EDA Micro Loan Fund shall be subject to the provisions and requirements set <br />forth by Minnesota Business Subsidy Law Statute 116J.993 and the City of Elk River <br />Business Subsidy Policy. <br />Micro Loan Fund Policy & Guidelines Page 9 of 15 <br />Amended May 2011 <br />