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Consider Micro Loan Application: Olde Main Eatery <br />August 17, 2006 Finance Committee Meeting <br />Page 2 of 2 <br />In addition to the financial criteria that must be considered the committee must also consider to <br />what degree the applicant satisfies the criteria set forth in the attached Micro Loan Fund Policy. <br />Micro Loan Criteria <br />* Max. Loan Amount: $75,000 <br />* Interest Rate: 2% filed <br />* No job creation goals required <br />* Facade improvements: 20% micro loan funds <br />01de Main Eatery <br />* Amount requested: $50,000 <br />* Rate requested: 2% fixed <br />* No job creation goals established <br />* Proposes rear sidewalk and <br />storefront door and window <br />improvements fox $9,963 <br />As in past Finance Committee meetings, the applicant will be given an opportunity to present the <br />project and application. Following the presentation the Finance Committee may ask questions of <br />the applicant. The applicant will then be excused from the meeting, allowing the committee to <br />discuss the application and determine a recommendation fox EDA Board consideration. <br />At its August 14`h meeting the EDA will consider calling a special meeting for August 21, 2006 at 6 <br />pm for the purpose of considering the Olde Main Eatery application and the Finance Committee's <br />recommendation in order to meet the applicant's deadline on the purchase option. <br />s:\EDA\MICRO LOAN FUND\LOANS\Olde Main Ea[ery 2006\8.17.06 Finance Comm memo.doc <br />