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City of Pine City COVID-19 Emergency Relief Loan Program <br />Guidelines <br />•The Loan Fund will be made available to existing commercial businesses located in the City of Pine City. <br />•Borrower must demonstrate the ability to repay the loan (reference check with bank). <br />•No owner match is required. <br />•Funds are intended to help Pine City businesses who have been affected by the circumstances surrounding <br />the COVID-19 pandemic. <br />•Borrower(s) must attach a copy of current driver’s license(s). <br />•To participate in this program, all accounts as of March 1, 2020 owing to the City of Pine City and others <br />must be current (taxes, special assessments, utilities, other loan programs). The EDA Loan Committee will <br />consider releasing this requirement on a case-by-case basis. <br />Awarding of Loans <br />•The EDA loan committee will review all loan applications for eligibility. Additional requests for information <br />may be required to award a loan, not limited to what is outlined within this document. <br />•Loans are awarded on a first-come, first served basis. First-come meaning – all required documentation <br />has been submitted and approved. <br />•Funds will be released after required documents have been signed and the EDA board approves the loan. <br />Loan Terms <br />•Loans will be interest free and payments will be deferred for 6 months from the date of the loan. <br />•The maximum term will be up to 30 months. <br />•The maximum loan amount will be up to $5,000 per business. <br />•Loan payments are required to be set up on monthly direct deposit into the City’s account. <br />•A Loan Agreement, Promissory Note and Personal Guaranty are required as security for the loan. <br />Checklist <br />Completed and signed application <br />Copy of borrower(s) Driver’s License(s) <br />Direct deposit forms (upon approval) <br />Most recent tax return forms and/or financial statements <br />Detailed information (narrative) regarding how your business has been negatively affected by the <br />COVID-19 pandemic, what your needs are, and how the money will be used. <br />Questions can be addressed to Community Development Director Lezlie Sauter <br />320-438-1020 lsauter@pinecitygov.com