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<br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> Request for Action <br /> <br /> <br />To <br />Joint Finance Committee <br />Item Number <br />4.1 <br />Agenda Section <br />General Business <br />Meeting Date <br />June 25, 2019 <br />Prepared by <br />Amanda Othoudt, EDD <br />Item Description <br />Microloan Underwriting Practices <br />Reviewed by <br />Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Information presented for discussion. <br /> <br />Background/Discussion <br />In May, staff attended the California Association for Micro Enterprise Opportunity (CAMEO) <br />Microloan Essentials class. This was a two-day class focusing on underwriting practices and procedures <br />for microloans in the public and non-profit sector. We focused on real case study’s involving small to <br />medium sized businesses. <br /> <br />There were several helpful tools and resources for underwriting loans, and accessing lender risk by <br />implementing a standardized underwriting grid. In an effort to strengthen our microloan program, staff <br />would like to present the key take-a-ways from the course. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> PowerPoint Presentation <br /> Economic Development Business Microloan Fund Program <br /> Economic Development Jobs Incentive Microloan Program <br /> CAMEO Microlending Steps <br /> CAMEO Sample Credit Memo <br /> CAMEO Sample Required Document List <br /> CAMEO Sample Underwriting Grid <br /> CAMEO Sample Microloan Application Questions <br /> CAMEO Elements of a Loan Program <br />