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• The applicant has proposed that the EDA take a second position on the real <br /> estate mortgage. <br /> In addition to the financial criteria that must be considered, the committee <br /> must also consider to what degree the applicant satisfies the criteria set forth <br /> in the Micro Loan Fund policies. <br /> Micro Loan Criteria Ultra Image Powder Coating <br /> • Max. Loan Amount: $50,000 • Amount requested: $50,000 <br /> • Interest rate: 1 below prime • Rate requested: 1 below prime <br /> • Equity to EDA loan ratio of 1:1 • Equity to EDA loan ratio of 9.5:1 <br /> • 1 job created per $20,000 loaned • 1 job created per $8333 loaned <br /> • Min. average wage of$8 per hour • Average wage of$10.00 per hour <br /> Attachments <br /> • Application <br /> • Business plan <br /> • 1997 & 1998 Balance Sheets <br /> • 1999 Financial Statements through September 30, 1999 <br /> • Cash Flow Projections 1999, 2000, & 2001 <br /> • Sworn Construction Statement <br /> • Letter of Commitment from First National Bank of Elk River <br /> • <br /> • Personal Financial Statements and 1998 Tax Return <br /> • 1998 Corporate Tax Return <br /> • Site plan <br />