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2. Borrower must locate in the West Business Park (see attached map) <br /> • and comply with the provisions of the city's industrial and business <br /> park zoning ordinances. <br /> III. USES <br /> 1. Permitted Fund Uses: <br /> a. Building construction <br /> b. Land acquisition <br /> c. Machinery <br /> d. Furniture, fixtures, and equipment (FF&E) <br /> e. Renovation and modernization of buildings <br /> f. Exterior renovation of retail, commercial and industrial buildings <br /> g. Public infrastructure needed for economic development expansions <br /> 2. Ineligible Fund Uses: <br /> a. Expenditures for the construction and/or renovation of residential units <br /> b. Working capital <br /> c. Refinancing of existing debt <br /> d. Inventory <br /> IV. BUSINESSES ELIGIBILITY <br /> Any project meeting the above criteria,and located or proposed to be located within <br /> the city limits of Elk River as defined by this program,may be eligible for an <br /> Economic Development Micro Loan as further defined herein: <br /> • Business must be a for-profit corporation,partnership,or sole <br /> proprietorship. <br /> • Business must be a small business as defined by the Small Business <br /> Administration (SBA). <br /> • Business must have a positive net worth. <br /> • Religious,political, and pornographic enterprises are not eligible to use <br /> the Economic Development Micro Loan Fund. <br /> V. MICRO LOAN FUND TERMS & CONDITIONS <br /> 1. Loan Structure <br /> All EDA Micro Loans will be structured as participation loans and will be serviced by <br /> the project's primary lending institution. Such an arrangement allows for the central <br /> distribution and collection of funds and simplifies the financing process for all <br /> parties involved.A participation agreement will be signed by the borrower,primary <br /> lender and the EDA. <br /> 2. Simultaneous Micro Loans <br /> The simultaneous use of different Micro Loan Fund Programs by any one borrower <br /> or for any one project is prohibited. <br /> 111 <br /> Elk River Economic Development Authority <br /> Micro Loan Fund Policy&Guidelines Page 4 of 8 <br />