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FINANCIAL INCENTIVES/MICROLOANS <br />Like many communities, Elk River responded to the Governor's Emergency Executive Orders to establish <br />assistance programs for local businesses. <br />The EDA established the COVID-19 Small Business Emergency Microloan Program which allocated up to <br />$200,000 from the Economic Development Business Microloan program as the source of funding. The <br />program was designed to offer zero interest loans up to $20,000, amortized over 10 years with payments <br />deferred for 6-months to qualifying businesses. The program included a forgivable loan component for up to <br />$5,000 in property tax relief. In late November, the EDA approved forgiving these crucial loans. <br />At the start of the pandemic the Department of Employment and Economic Development (MNDEED) <br />facilitated bi-weekly calls to keep economic development professionals up to date on changes to federal and <br />state loan programs and resources available to local businesses. MNDEED continues to facilitate these calls <br />which are now offered on a weekly basis and includes information from various state departments and <br />important resources for our business community. <br />Orluck Industries requested and received an extension of their <br />Jobs Incentive Microloan. <br />Morrell Trucking requested and received an extension on their <br />CRRELL Jobs Incentive Microloan. Each of these extensions and contin- <br />_M1 <br />MUI' it ") RANSFER uvc. ued payments on the existing loan structures would provide ad- <br />ditional capital and cash flow for the owners to invest in its em- <br />ployees and company during the extended period. <br />Yankee Doodle Enterprises received a $74,999 Energy Effi- <br />ciency Improvement microloan and recently refinanced their <br />debt and received a Mortgage Subordination Agreement from <br />the EDA. <br />Shoot Steel, a target manufacturer, purchased EDA property at <br />17565 Tyler Street NW and received Tax Increment Financing <br />to move their business from the City of Ramsey to Elk River. <br />We welcome our newest business who brings nine full-time em- <br />ployees with plans to hire more once they are established in their <br />new facility. <br />City of Elk River <br />Economic Development Authority <br />