7.0. EDSR 05-10-2004 - Laserfiche WebLink

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Micro Loan Application: Display Solutions,Inc. EDA Finance Committee—May 4,2004 Page 2 of 2 • from American National Bank and$100,000 in equity. The sources and uses of the project are as follows: Bank Loan $ 150,000 Working Capital/Equipment Private Equity $ 100,000 Working Capital/Equipment EDA Loan $ 50,000 Equipment Total Project $ 300,000 The applicant has proposed that the EDA take a personal guaranty and a second position on the equipment. The company currently employs the three owners and one administrative support person. The applicant proposes to create seven full-time jobs at estimated wages ranging from $12.00-18.00 per hour within two years. Micro Loan Criteria In addition to the financial criteria that must be considered, the Finance Committee must also consider to what degree the applicant satisfies the criteria set forth in the attached Micro Loan Fund policy. Micro Loan Criteria Display Solutions, Inc. *Max. Loan Amount: $50,000 *Amount requested: $50,000 • * Interest Rate: 1 below prime * Rate requested: 1 below prime * 1 job created per $20,000 loaned * 1 job created per$7,143 loaned *Min. average wage of$8 per hour *Average wage of$13.86 per hour As in past Micro Loan meetings, the applicant will be given an opportunity to present the project and application. Following the presentation the Finance Committee may ask questions of the applicant. The applicant will then be excused from the meeting, allowing the committee to discuss the application and determine a recommendation for EDA consideration.