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COVID•19 Small Business Emergency Microloan Program <br />Purpose <br />The City of Elk River Economic Development Authority (EDA) has developed the small business <br />emergency assistance nucroloan program to provide financial assistance to locally owned and operated <br />businesses adversely impacted by the COVID-19 pandern c. <br />Eligibility <br />The COVID-19 Small Business Emergency Microh an Program is available to locally owned and <br />operated small businesses located within the City of Elk River. <br />1. Eligible business types include locally owned and operated businesses noted in <br />Executive Orders 20-04 and 20-08, including but not limited to: <br />a. Restaurants, cafes, coffeehouses, and other places of public accommodation <br />offering food or beverage for on -premises consumption <br />b. Tavems, brew pubs, microbreweries, distilleries, wineries, tasting counts and <br />other places of public accommodation offering alcoholic beverages for on - <br />premises consumption <br />c. Gymnasiums, fitness centers, indoor sports facilities, indoor exercise facilities, <br />exercise studios, businesses offering massage therapy of similar bodywork, <br />spas, salons, nail salons, cosmetology salons and barber shops. This includes, <br />but is not limited to, all salons and shops licensed by the Minnesota Board of <br />Cosmetologist Examiners and the Minnesota Board of Barber Examiners. <br />d. Art and music studios <br />e. Bowling alleys, skating rinks and other similar recreational or entertainment <br />facilities <br />E Other businesses deemed nonessential under executive orders adopted by the <br />Governor of the State of Minnesota <br />g. Other businesses as approved by the EDA <br />2. The business must have been in operation prior to the Governor's Executive Order <br />3. Be a legal entity registered with the Office of the Minnesota Secretary of State and be <br />in good standing <br />4. Be a conforraing or legally nonconforming use under the current city zoning <br />regulations of the city <br />5. Not be in violation of the city's zoning code <br />6. Be in compliance with city ordinances, codes, licensing, and must not have any <br />delinquent taxes, bills, or other charges due to the city <br />Amount: Up to $20,000 Loan <br />Up to $5,000 in Property Tax Relief <br />Application Pee: Waived <br />Equity: None <br />Rare: Fixed at 0'/u <br />Term: Loans will be payable over 5 years and will be amortized over a period of 10 years. <br />21' a- <br />