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<br />Grand Rapids Economic Development Authority <br />Emergency Working Capital Loan Policy <br /> <br />Consistent with their mission to advance measures that support and grow the economy, the Grand Rapids <br />Economic Development Authority (GREDA) has taken action to establish an emergency working capital loan <br />program to assist and help sustain our community businesses during these uncertain and stressful economic <br />conditions associated with the current COVID-19 pandemic. <br /> <br /> <br />1. Goals and Objectives <br /> Provide emergency financing for businesses located in the City of Grand Rapids experiencing <br />financial hardships, due to the executive orders issued by Governor Walz related to the COVID- <br />19 Pandemic. <br /> Allocate $500,000 in GREDA resources available through Program Related Investments from the <br />Blandin Foundation. <br /> Facilitate business survival, especially small businesses, during this pandemic. <br /> To the greatest extent possible, enhance the retention and re-establishment of jobs in the City. <br /> To the greatest extent possible, direct the funds to those businesses most severely impacted by this <br />pandemic. <br /> <br />2. Eligible Applicants <br /> All businesses, located in the City limits of Grand Rapid that have been impacted by the social <br />and economic disturbance resulting from the COVID-19 Pandemic. Those business categories <br />referenced in Governor Walz’s Executive Orders 20-04 and 20-08 may be given preference. <br /> All eligible applicants must be registered with the Minnesota Secretary of State as a Minnesota <br />based business as of December 1, 2019. <br /> All eligible applications must be current with their local property taxes. <br /> <br />3. Eligible Loan Activities <br /> Operating capital to assist the business with sustaining itself, such as; debt service payments, <br />accounts payable, operating expenses, accruals, and inventory necessary to resume or re-structure <br />operations of the business. <br /> Other activities having sufficient merit as determined by the GREDA Board of Commissioners on a <br />case-by-case basis. <br /> <br />4. Other Considerations <br /> Compliance with all government regulations. <br /> Emergency Working Capital Loan funds will be available for as long as GREDA determines <br />prudent, and GREDA reserves the right to limit the amount of funds available for this program at <br />any time. <br /> <br />5. Conflict of Interest <br /> Any GREDA Commissioner that may indirectly or directly gain financially from loan transactions <br />shall immediately inform the Board of any potential conflict of interest.