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<br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br /> <br />Request for Action <br /> <br /> <br /> <br />To <br />Joint Finance Committee <br />Item Number <br />4.2 <br />Agenda Section <br />General Business <br />Meeting Date <br />January 26, 2021 <br />Prepared by <br />Colleen Eddy, Economic Development Specialist <br />Item Description <br />COVID-19 Small Business Emergency Microloan <br />Application <br />Reviewed by <br />Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Review the COVID-19 Small Business Emergency Microloan Application for Mystery Chambers and approve <br />or deny. <br /> <br />Background/Discussion <br />Mystery Chambers submitted a COVID-19 Small Business Emergency Microloan Application. They are <br />requesting $16,000 to offset costs associated with the Governor’s Executive Orders 20-04 and 20-08. <br /> <br />The EDA approved the program in response to the COVID-19 pandemic and provides for a $20,000 <br />forgivable loan for those affected by the executive orders. <br /> <br />Mystery Chambers was closed with the original order and were only able to later open with strict limitations. <br />They are projecting to utilize the requested funds to offset lease, utilities, operating and advertising expenses. <br />A complete application and all supporting documentation was submitted and they are an eligible business type <br />noted in Executive Orders 20-04 and 20-08. The applicant is not in violation of any city codes, ordinances, <br />licensing requirements or delinquent taxes, bills, or charges due to the city. <br /> <br />Financial Impact <br />The EDA allocated funding of up to $200,000 for this program from the general microloan fund account. The <br />total funds disbursed as of December 16, 2020 were $97,374.00, of which $37,374 is currently forgivable. The <br />Microloan fund balance is about $828,000. <br /> <br />Attachments <br /> COVID-19 Small Business Emergency Microloan Program <br /> Application and Review Worksheet <br />