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<br />-', <br /> <br />) <br /> <br />6. <br /> <br />Small Business Development Loan <br /> <br />e <br /> <br />This loan is administered through the Minnesota Agricultural and <br />Economic Development Board. It makes small business loans through <br />the issuance of industrial revenue bonds backed by a State-funded <br />reserve of 25%. This reserve helps lower the interest rate on the <br />mortgage. Funds can be used for real-estate financing as well as <br />equipment purchases. <br /> <br />7. Environmental Clean-Up Funds <br /> <br />Twenty-five percent (25%) of the surcharge the City collects from the <br />Elk River Landfill is designated for landfill abatement. These funds <br />could be used to accomplish environmental clean-up on the Custom <br />Motor site, avoiding disposal at a landfill. <br /> <br />8. Summary <br /> <br />Most of the programs listed above can be used in conjunction with one <br />another. That is, an EDA micro-loan can be used to supplement, say, <br />conventional financing (or SBA financing) and business/owner equity. <br />If TIF is utilized, a new or expanding business may be reimbursed for <br />such things as land acquisition costs, site preparation costs, on-site <br />utility extensions, and off-site utility extensions, etc. Using more than <br />one financing program provides an additional benefit to the company <br />as it ensures that a competitive package is being offered. This, in turn, <br />helps the company preserve its funds for other needs such as working <br />capital, etc. <br /> <br />e <br /> <br />e <br /> <br />ACH-br <br />