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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 />