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$ Participation Loan: First National Bank of Elk River <br /> Loan Amount: $100,000 <br /> Interest Rate: 3% fixed <br /> Term: 10-year amortization, 5-year balloon <br /> Security: Subordinate position mortgage on building and property, subordinate position <br /> on equipment, and a personal guaranty. <br /> ATTACHMENTS <br /> • Loan Agreement <br /> • EDA DRAFT Finance Committee Meeting Minutes dated June 20, 2013 <br /> • EDA Micro Loan Fund Policy and Guidelines and Application <br /> • Staff report to EDA Finance Committee re: Preferred Powder Coating Micro Loan <br /> Application dated June 20, 2013 <br /> Action Motion by Second by Vote <br /> Follow Up <br /> N:\Departments\Community Development\Economic Development\EDA to move\Agenda\Year2013\7-15-2013\5 sr Request for Action- <br /> Industrial Incentive Microloan Application PPC.docx <br />