2.0. EDSR 11-20-1995 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM TO: EDA Finance Committee FROM: William Rubin, EDA Executive Direct rp/1 .- DATE: November 8, 1995 SUBJECT: Request for Micro Loan Internet Five introduction Internet Five requests a loan from the EDA Micro Loan Fund in the amount of $37,500. This loan would be used by Internet Five to leverage a Small Business Administration (SBA) low doc loan from a primary lender and • owner equity for the purchase of computer equipment, the expense of technology start-up, and for working capital. Internet Five would occupy (by way of a lease) approximately 1,000 square feet of office space in Elk River as part of this endeavor. Background Internet Five is organized as a Minnesota C-Corporation. The company is owned by Lee Miller, H. Jan Jay and George Radziwill. The company has been formed to capitalize on the Information Superhighway and the World Wide Web (WWW). Internet Five is a provider of WWW services and Web- Site Creation software for businesses and individuals. Internet's product enables users to access the WWW without the typical $150,000 to $200,000 set up fee. Instead, a user can access Internet Five's Web-Site Creation software which will allow them to access the global network. Users of the software will be able to create their own "home pages". This will enable to individuals to create their own web site, and will enable smaller companies the opportunity to obtain a limited presence on the net. This will give them access to many services, contacts, and potential customers. An Internet Five customer is anyone who wants to develop a "home page" to position themselves on the WWW for marketing, customer service, support, or to • gather information and communicate with other WWW users. P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment