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FIRST NATIONAL 812 Main Street Phonc 763.24!.3637 <br /> y= BANK of Elk River Elk River MN <br /> 55330 Fax 763.433.3800 <br /> www.fnbeccom <br /> November 1st,2016 <br /> City of Elk River <br /> 13065 Orono Pkwy, <br /> Elk River, MN 55330 <br /> RE: Heritage Millwork, Inc. <br /> Micro Loan Application <br /> To whom it may concern: <br /> I have been the banking relationship manager for Heritage Millwork for the ears <br /> ast three years. B <br /> p y Based on <br /> my examination and analysis of past financial performance and projected financial P erformance <br /> provided to First National Bank of Elk River, Heritage Millwork Inc.,demonstrates the ability to service <br /> ce <br /> debt repayment necessary to support the building and equipment acquisition proposed in their <br /> r <br /> application with the City of Elk River. While Heritage Millwork, Inc.demonstrates the ability to service <br /> ice <br /> debt payments on the debt, I do anticipating an equity gap requiring alternative funding sources <br /> inciuo=ng the utilization of the SBA 504 program and program like the City of Elk River's Micro Loan <br /> program to make the project a reality. First National Bank of Elk River has approved financin g consistent <br /> with the financing outlined in the Micro Loan application contingent upon the approvals of the SBA <br /> pp and <br /> the City of Elk River's Micro Loan. <br /> If you have any questions please feel free to contact me at your convenience <br /> Sinc- - y <br /> .-- /4 <br /> Chad A.Vitzthum <br /> Senior Vice President <br /> First National Bank of Elk River <br />