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Micro Loan Criteria-Energy Efficiency Improvement Program <br />Max. Loan Amount: $74,999 <br />Interest rate: Fixed at 3% <br />Equity: 10% or more of project <br />Term: The maximum maturity date will be determined by the useful life of the improvement and the <br />energy payback achieved. For projects that have a shorter length of payback (2-5) years as calculated <br />according to energy savings, the loans will have an initial maturity of up to 5 years from the date of <br />closing. Longer-life improvements (6-15 years) may apply for a longer maturity of up to 10 years. <br />The loans will be secured by personal and corporate guarantees and if applicable a lien on equipment <br />financed and subordinate mortgage on the property. <br />Exempt from job creation and wage goals because the loan amount does not exceed $150,000 and <br />does not qualify as a business subsidy by state law. <br /> <br />Ralphie’s Minnoco <br />Amount requested: $19,175 <br />Rate requested: Fixed at 3% <br />Equity proposed: 10% <br />Term: 5-year amortization <br />The EDA will maintain a subordinate position on the mortgage at 13374 U.S. Highway 10 by <br />amending and restating the mortgage, entity guarantee and a personal guarantee. <br />The EDA will consider the Finance Committee’s recommendation at their August 20, 2018, meeting. <br />Financial Impact <br />The Microloan Fund has a current cash balance of $738,369.15 with $537,038.15 in notes receivable. <br />Attachments <br />Microloan Application and Supporting Information <br />Corporate and Personal Financial Documents (distributed at the meeting) <br />2013 Loan Documents <br />N:\\Departments\\Community Development\\Economic Development\\EDA\\Administrative\\Agenda\\EDA Finance Committee Agenda <br />Packets\\2018\\July 31, 2018\\4.1 sr Ralphies Minnoco - Energy Efficiency Loan.docx <br />