Laserfiche WebLink
Application & Other Requirements: <br /> The process for admission into this program includes the following steps: <br /> 1. Completion of the Business Planning and Financial Projections course. For <br /> schedule and registration,please contact City Hall. <br /> 2. Submission of a completed application including the following attachments: <br /> a. Business plan (including 3 years of financial projections excluding <br /> requested program funding) <br /> b. Financial statements <br /> c. Lease agreement (including term and pricing) <br /> d. Types and names of professional services being acquired (e.g. accountant, <br /> legal,etc.) <br /> 3. Staff reviews application and attachments. Staff may require/request additional <br /> information or clarification. <br /> 4. EDA Finance Committee meeting with applicant to discern any concerns relevant <br /> to the sensitive information within the application. <br /> 5. EDA review of presented application at a public meeting of the EDA. Financial <br /> information will be kept private when possible. Applicants are strongly <br /> encouraged to attend this meeting. <br /> 6. Applicant will be notified by letter shortly after the meeting of the Board's <br /> decision to approve, deny, or delay voting on the application. <br /> 7. Business will open within 90 days of approval; rental subsidies will begin after the <br /> business has opened. The business owner may begin to take required educational <br /> classes (if offered) after approval has been acquired but prior to business hours of <br /> operation commencing. <br /> Please note: <br /> 1. Maximum monetary assistance provided per business is$9,990 <br /> 2. Business owner must comply with all requirements outlined, or any subsidies <br /> received through the program must be immediately repaid to the EDA. <br /> 3. Business owner must be willing to release financials including information on <br /> sales,inventory, expenses, etc. upon EDA request. <br /> 4. Business must continue to operate within the city of Elk River for three <br /> (3) consecutive years (including 18-month program) from opening. Businesses <br /> that willingly relocate outside of the city prior to the completion of three (3) <br /> years will be required to immediately repay 100% of subsidies received to the <br /> EDA. Businesses that go out of business prior to the completion of three (3) <br /> years may be required to repay all or a portion of received subsidies as <br /> determined appropriate by the EDA. <br /> 5. If the applicant is approved for the program, he/she implicitly agrees that the <br /> city may promote the company's usage of the program and include the <br /> company's information in relevant publicity materials/events/etc. <br />