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Equity: Must have a minimum of 10% equity provided by the borrower. <br /> <br />Rate: Fixed at 3% <br />Term: The maximum maturity date of the loan will be determined by the <br />useful life of the improvement and the energy payback achieved as <br />determined by ERMU. <br /> <br />For projects that have a shorter length of payback (2-5) years as <br />calculated according to energy savings, the loans will have an i <br />maturity of up to 5 years from the date of closing. <br /> <br />Longer life improvements (6-15 years) may apply for a longer <br />maturity of up to 10 years. <br /> <br />Criteria: Microloan funds shall be spent on energy efficiency improvements <br />outlined below or related building improvement costs <br /> <br />Applicant must agree to energy audits conducted under the utility <br />companys Conservation Improvement Program (CIP). If warranted, <br />engineering studies then are performed on facilities with conserv <br />opportunities under the utility companys CIP Program. <br /> <br />Energy efficiency is defined as improvements that are rebatable <br />the Elk River Municipal Utilities (ERMU) or the utilityprovider for <br />the property if not ERMU. Proposed energy efficiency improvements <br />that do not qualify for the utilitys prescriptive rebate progra <br />reviewed and approved by the utility company servicing the upgra <br />measures (e.g. Elk River Municipal Utilities, Connexus, CenterPoint) <br />along with a letter indicating eligible utility rebates. <br /> <br />Utility rebates as applicable will be assigned to the Elk River <br />and applied toward principal repayment of the loan. <br /> <br />An Elk River Energy City Commission member will be asked to <br />participate in the EDA Finance Committee review. <br /> <br />The loans will be secured by personal and corporate guarantees, <br />if applicable a lien on equipment financed and subordinate mortgage <br />on the property. <br /> <br />Installation must be certified through a licensed contractor and <br />electrician. New construction is eligible when participating with a <br />utility company rebate program. Eligible costs shall include on <br />incremental costs over industry design standards. <br /> <br />Permitted Fund Uses: <br /> <br />Page 10 of 22 <br />