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• Collateralized with a second mortgage position on the land and buildings, <br /> ipor if that appears to be unworkable, loan security would be in the form of <br /> leans on unencumbered equipment or accounts receivable <br /> Staff has asked for and received additional information from the applicant <br /> with regard to their anticipated total working capital needs. As indicated on <br /> pg. 2 of the application, their total working capital needs are reflective of <br /> their $700,000 line of credit. Their request for a $50,000 working capital <br /> loan, as a percentage of their total working capital needs, meets the micro <br /> loan fund policy guidelines. <br /> Financing <br /> Project use of funds as identified in the application are as follows: <br /> • Land $100,000 <br /> • Buildings 742,000 <br /> • Equipment/Machinery 20,000 <br /> • Working Capital 50,000 <br /> Total $912,000 <br /> mak Project source of funds as identified in the application are as follows: <br /> • Bank Loan First National Bank $740,000 <br /> • EDA Micro Loan 50,000 <br /> • Owner Equity Contribution 122,000 <br /> Action Requested <br /> Staff is recommending that the EDA approve the $50,000 loan request from <br /> the LeFebvre Companies. <br /> • s:\eda\lefebmin.doc <br />