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Lake Assault Custom Boats-Micro Loan Fund Application <br /> Finance Committee—March 4,2003 <br /> Page 2 of 2 <br /> • In addition to the financial criteria that must be considered, the committee must also <br /> consider to what degree the applicant satisfies the criteria set forth in the attached Micro <br /> Loan Fund policies. <br /> Micro Loan Criteria Lake Assault Custom Boats <br /> * Max. Loan Amount: $50,000 *Amount requested: $50,000 <br /> * Interest Rate: 1 below prime * Rate requested: 1 below prime <br /> * 1 job created per $20,000 loaned * 1 job created per $4,167 loaned <br /> * Min. average wage of$8 per hour *Average wage of$18 per hour <br /> As in past Micro Loan meetings, the applicant will be given an opportunity to present the <br /> project and application. Following the presentation the Finance Committee may ask <br /> questions of the applicant. The applicant will then be excused from the meeting, allowing <br /> the committee to discuss the application and determine a recommendation for EDA Board <br /> consideration. <br /> Attachments <br /> • City of Elk River Micro Loan Fund Policy <br /> • Application—Lake Assault Custom Boats <br /> • Business Plan <br /> • Financial Projections <br /> • Preliminary Equipment List <br /> • Personal Financial Statement of Owner <br />