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First National B <br /> • of Elk River <br /> November 3, 1995 <br /> William Rubin <br /> Anoka office Economic Development Coordinator <br /> 1121 W.Hwy.10 P <br /> Anoka,MN 55303 13065 Orono Parkway <br /> (612)422-0537 Elk River, Minnesota 55330 <br /> Dear Bill: <br /> First National Bank of Elk River has tentatively approved a loan to Internet Five, Inc. <br /> Elk ParFreepoer rt <br /> The loan commitment is contingent upon approval of a SBA low doc guarantee and <br /> 19157 Freeport Ave. <br /> Elk River,MN 55330 Internet Five, Inc. Obtaining the additional funds needed. <br /> (612)441-5684 <br /> The companies sources and uses of funds statement shows uses of$180,800.00. After <br /> FNB-ER loan of$50M, and the owners equity injection of$55.8M there is a short fall <br /> of$75M. The company is requesting loans of$37.5M from the Central Minnesota <br /> in Office Initiative Fund and the Elk River Micro Loan Fund. <br /> i29 Main Street <br /> Elk River,MN 55330 <br /> (612)441-2200 FNB-ER can not increase its loan amount due to the fact that Internet Five, Inc. is <br /> a start up company. Without funding from the Micro Loan Fund, the company will <br /> be faced with a significant shortfall in its funding. <br /> SAX Office From our review of the Internet Five business plan and interview with the owners, we <br /> 19424 Evans St.NW feel the company has a good chance of succeeding. The company has successfully <br /> Elle2soldtheirproduct and has a <br /> (6112)) MN 55330 <br /> strong management team. <br /> A Micro Fund Loan to The Internet Five would help bring a rapidly growing high tech <br /> company to the City of Elk River. <br /> Zimmerman Office <br /> 26040 Main St. Sincerely, <br /> Zimmerman,MN 55398 <br /> (612)856-2266 <br /> h1/4, <br /> Thomas L. Lun <br /> Assistant Vice President <br /> First National Mortgage <br /> 716 Main Street <br /> Elk River,MN 55330 TLL/gmw <br /> •12044l7133 <br />