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3 . Purpose of Loan: <br /> The loan will help the building project become a reality. The bank <br /> will pay 70% in a loan but owner is left with remaining 30%. This <br /> 411 <br /> loan will lower owners input at this time to 15% which is much more <br /> helpful in making this a reality. <br /> 4 . Cost of Project: <br /> A) Land $ $28.000.00 <br /> B) Buildings (attach plans & costs) $ $96.716.00 <br /> C) Equipment/Machinery/Fixtures (attach list <br /> and estimated costs) $ <br /> D) Remodeling $ <br /> • E) Industrial Inventory/Working Capital $ <br /> F) Other (attach description) $ <br /> TOTAL COSTS $ $124,716.00 <br /> 5 . Proposed Financing: <br /> SOURCE NAME TERMS AMOUNT <br /> A) Bank Loan Bank of Elk River 15 yrs. 4yr.balloo4 87.500.00 <br /> B) Bank Loan $ <br /> C) Other Private Funds $ <br /> D) Applicant Contribution $ 18,750.00 <br /> E) Other $ <br /> F) Fed Grant/Loan $ <br /> G) State Grant/Loan111 $ <br /> H) This Loan $ 18,750.00 <br /> TOTAL FINANCING $ <br /> -2- <br />