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Micro Loan Fund Policy Guidelines Page 8 <br /> •.41) <br /> Maintain Facility <br /> The borrower agrees to maintain and operate its facility at the site <br /> where the loan is used for a period of five years after the date the loan <br /> is closed. <br /> Goal Attainment <br /> In addition to attaining or exceeding the jobs and wages goals set forth <br /> in section IV of the application, the borrower agrees to achieve at least <br /> one of the goals for community development set forth in section IX, part <br /> 5, subdivision (e) (see page 6) of the Micro Loan Fund policy. <br /> Redevelopment loans in the central business district are exempt from job <br /> creation and wage goals stated in section IX, part 5, subdivision (e) <br /> provided the loan amount does not exceed fifty percent of the project <br /> cost. <br /> Failure to Comply <br /> Businesses failing to comply with the above provisions will be subject <br /> to fines, repayment requirements, and be deemed ineligible by the <br /> State to receive any loans or grants from public entities for a period of <br /> five years. <br /> XII. RIGHT OF REFUSAL <br /> The Elk River Economic Development Authority may deny any project <br /> which it deems inappropriate according to the guidelines established in <br /> this document. <br /> 8 <br />