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C <br /> River <br /> MEMORANDUM <br /> TO: EDA Finance Committee <br /> FROM: Annie Deckert, Economic Development Assistant <br /> DATE: December 19, 2008 <br /> SUBJECT: Consider Loan Extension Request— Nicole's Finishing Touch <br /> Salon, Inc. <br /> Attachments <br /> • Letter from Nicole Fox of Nicole's Finishing Touch Salon, Inc, dated November <br /> 13, 2008 and current financial statements <br /> • January 14, 2008 EDA/ City Council Memo for Nicole's Finishing Touch Salon, <br /> Inc. Micro Loan Application <br /> • January 14, 2008 EDA Minutes <br /> • Nicole's Finishing Touch Salon, Inc. —Current Amortization Schedule <br /> • Nicole's Finishing Touch Salon, Inc. — Proposed Extended Amortization Schedule <br /> as requested by applicant (3% interest) <br /> • Micro Loan Policy & Guidelines <br /> Requested Action <br /> The Finance Committee is asked to review and provide a recommendation to the EDA <br /> regarding the Micro Loan extension request from Nicole's Finishing Touch Salon, Inc for <br /> one additional year at the current 3% interest rate. <br /> Issue <br /> Ms. Nicole Fox, owner of Nicole's Finishing Touch Salon, Inc., has submitted a request <br /> and application for the EDA's consideration of a one year extension on its micro loan at <br /> a the current 3% interest rate. The principal balance due on the loan after 8 months <br /> (Feb-Oct) is $16,832.55. Ms. Fox submitted the attached current financial statements <br /> for the Finance Committee's consideration. Ms. Fox has been invited to attend the <br /> Finance Committee meeting to provide an update on the current status and future plans <br /> of the company. Following any questions and answers with the applicant, she will be <br /> excused during the Finance Committee's discussion and recommendation. The Finance <br /> Committee's recommendation will be considered for final action by the EDA at its <br /> January 12, 2008 regular meeting. <br />