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Meeker County Economic Development Authority Page 2 of 4 <br />shops licensed by the Minnesota Board of Cosmetologist Examiners and the Minnesota Board of <br />Barber Examiners. <br />All other provisions of Executive Order 20-04 remain in effect. <br /> <br />➢ All applicants must have a physical, commercial approved location, whether leased or owned, that is <br />located within Meeker County. <br />➢ All applicants must be current with Meeker County property taxes <br /> <br /> <br />Applicants are encouraged to review Governor’s Emergency Orders 20-04 and 20-08 for further <br />definition and clarification of businesses that are or are not eligible for this COVID-19 Business <br />Assistance Loan. MCEDA retains final authority to determine if a business is eligible or not. <br /> <br />3. Eligible Loan Activities <br />➢ Operating Capital to assist the business with sustaining itself until longer-term assistance programs <br />area available. <br />➢ Other activities having sufficient merit as determined by the MCEDA Board on a case-by-case basis. <br /> <br />4. Other Considerations <br />➢ Compliance with all government regulations. <br />➢ COVID-19 Business Assistance Loan funds will be available for as long as MCEDA determines <br />prudent, and MCEDA reserves the right to limit the amount of funds available for this program at any <br />time. <br /> <br />5. Conflict of Interest <br />➢ Any Board member that may indirectly or directly gain financially from loan transactions shall <br />immediately inform the Board of any potential conflict of interest. <br />➢ If a potential conflict of interest exists, all necessary steps will be taken to ensure that the loan <br />application is processed in full accordance with MCEDA Board policies, and local and State <br />regulations. <br /> <br />6. Loan Conditions <br />➢ Maximum loan amount is $5,000 <br />➢ Interest rate will be zero percent <br />➢ Any fees incurred will be due from borrower at the time of closing <br />➢ Loans will be for a maximum length of 24 months <br />➢ Loan repayments may be deferred for up to 6 months <br />➢ Repayment terms for loans will be determined on an individual basis, so long as the total <br />principal balance is repaid within 24 months of the date of the first draw of loan funds by the <br />borrower <br />➢ Upon default of loan, or the permanent closure or sale of the business, the loan immediately <br />becomes due and payable in full <br />➢ Loans are not transferable unless the transfer is approved in writing by the MCEDA Board <br />➢ Loan payment method will be automatic withdrawal ("ACH") <br /> <br />7. Application Requirements <br />➢ Completed "COVID-19 Business Assistance Loan" application <br /> <br />8. Collateral <br />➢ Loans will be secured with a blanket business UCC lien in the amount of the loan and to the benefit of <br />MCEDA <br />➢ Personal and/or corporate guarantees will be required for all that own 20% or more of the applicant <br />business