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09-29-2020 JOINT FINANCE COMMITTEE PACKET
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09-29-2020 JOINT FINANCE COMMITTEE PACKET
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4/27/2021 10:04:32 AM
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City Government
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9/29/2020
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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br />MICRO LOANS <br />Current Current 9/18/20 <br />Loan Loan Interest Term Monthly Principal <br />Borrower Date Amount Rate (Months)Payment Outstanding Current <br />Die Concepts 6/3/2016 $185,200 2.00%60 $936.90 $151,757.16 Y <br />Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $66,834.98 Y <br />Ralphies#1 9/10/2013 $74,999 3.00%120 $724.20 $24,431.99 Y <br />Ralphies#2 8/28/2018 $19,175 3.00%60 $343.65 $11,847.87 Y <br /> TOTAL MICRO LOANS $254,872.00 Micro Loan Fund 240 <br />Distinctive Iron 10/1/2019 $126,000 2.03%60 $1,050.07 183,505.69$ Y <br />Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 156,427.56 Y 5-Year Balloon is up <br />Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 144,795.27 Y <br />$484,728.52 DEED Jobs Incentive Loan Fund 242 <br />COVID-19 Small Business Emergency Loans <br />Current 9/18/20 <br />Loan Loan Interest Term 6-month Monthly Principal Forgivable <br />Date Amount Rate (Months)Deferment Payment Outstanding <br />Chow Mixed Grill and BBQ 7/6/2020 $20,000.00 0%60 1/1/2021 166.67 $20,000.00 $5,000.00 <br />Daddy-O's Café, Inc.7/6/2020 $5,000.00 0%60 1/1/2021 41.67 $5,000.00 $5,000.00 <br />Inspire Studio, LLC 7/6/2020 $20,000.00 0%60 1/1/2021 166.67 $20,000.00 $0.00 <br />Pinnacle Foods, LP 7/6/2020 $5,000.00 0%60 1/1/2021 41.67 $5,000.00 $5,000.00 <br />Pyramid Fitness Group 7/6/2020 $20,000.00 0%60 1/1/2021 166.67 $20,000.00 $5,000.00
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