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project cost. <br /> <br />Remaining <br />Principle: Must have private-sector commitments for 50% of the project cost. <br /> <br />Borrower mustprovide 10% or more of project cost. <br /> <br />Rate:Fixedat 3%. <br /> <br /> <br />Term:Financing with a balloon payment in up to 5-years. Loans may be <br />amortized up to the following limits: <br />20years on real estate uses; <br />10 years on equipment uses. <br /> <br /> <br />Extension:In the event that the Borrower is unable to payoff the loan or <br />refinance the Microloanat the end of fiveyears, the loan may be <br /> <br />extended up to two additional years at 3% interest. <br /> <br />Criteria: At a minimum, 20% of Microloan dollars must be used for the <br />improvement of the building façade, with exceptions to be considered <br />when it appears the façade improvementsare not necessary. Financing <br />of leasehold improvements will be considered at a limit of $25,000. <br /> <br />Permitted Fund Uses: <br />a.Building construction <br />b.Renovation and modernization of buildings <br />c.Furniture, fixtures, and equipment (FF&E) <br />d.Exterior renovation of retail or commercial buildings <br />e.Financing of leasehold improvements including façade improvements <br />will be considered at a limit of $25,000 <br />f.Expenditures for the construction and/or renovation of residenti <br />units <br /> <br />Ineligible Fund Uses: <br />a. Inventory <br />b. Refinancing of existing debt <br />c. Working capital <br /> <br />Energy Efficiency Improvement Loan <br />Purpose: The Energy Efficiency Improvements Loan is available to property <br />owners of commercial or industrial buildings in Elk River to pro <br />low interest loans to businesses to invest in energy efficiency and <br />improve their profitability through reduced energy costs. In addition, <br />the microloan program helps the city of Elk River use energy <br />conservation as an economic development tool. Non-profit <br />organizations may be considered. <br /> <br />Amount: Applicants may apply for the cost of improvements up to $74,999 <br /> <br />Page 9 of 22 <br /> <br /> <br />