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Permitted Fund Uses: <br /> e. Renovation and modernization of buildings <br /> f Furniture,fixtures,and equipment(FF&E) <br /> g. Exterior renovation of retail or commercial buildings <br /> h. Financing of leasehold improvements including facade improvements <br /> will be considered at a limit of$25,000 <br /> Ineligible Fund Uses: <br /> a.Inventory <br /> b.Refinancing of existing debt <br /> C.Working capital <br /> COVID-19 Small Business Emergency Microloan Program <br /> Purpose: The City of Elk River Economic Development Authority(EDA)has <br /> developed the small business emergency assistance microloan program <br /> to provide financial assistance to locally owned and operated businesses <br /> adversely impacted by the COVID-19 pandemic. <br /> Eligibility: <br /> a. The COVID-19 Small Business Microloan program is available to small <br /> businesses business located within the city of Elk River. <br /> b. Eligible business types include locally owned and operated businesses <br /> noted in Executive Orders 20-04 and 20-08,including: <br /> �o Restaurants,cafes,coffeehouses and other places of public t--- Formatted <br /> accommodation offering food or beverage for on-premises <br /> consumption <br /> d.o Taverns,brew pubs,microbreweries,distilleries,wineries, <br /> tasting rooms and other places of public accommodation <br /> offering alcoholic beverages for on-premises consumption <br /> e:o Gymnasiums,fitness centers,indoor sports facilities,indoor <br /> exercise facilities,exercise studios,businesses offering massage <br /> therapy or similar bodywork,spas,salons,nail salons, <br /> cosmetology salons and barber shops.This includes,but is not <br /> limited to,all salons and shops licensed by the Minnesota <br /> Board of Cosmetologist Examiners and the Minnesota Board <br /> of Barber f.o Art and music studios <br /> go Bowling alleys,skating rinks and other similar recreational or <br /> entertainment facilities <br /> h:o Other businesses deemed nonessential under executive orders <br /> adopted by the Governor of the State of Minnesota <br /> i.o Other businesses as approved by the EDA <br /> tc_The business should employ between three and 25 full-time equivalent <br /> (FTE)employees prior to the issuance of the State of Minnesota <br /> Emergency Executive Order 20-04(March 16,2020).Businesses with <br /> less than three employees will be considered on a case-by-case basis. <br /> rorEeEo er <br /> Page 11 of 23 EDA&City Council Approved August 21,2017 ARE <br />