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fiver <br />MEMORANDUM <br />TO: EDA Finance Committee <br />FROM: Annie Deckert, Economic Development Ass tan <br />DATE: December 19, 2008 <br />SUBJECT: Consider Loan Extension Request -Nicole's Finishing Touch <br />Salon, Inc. <br />Attachments <br />• Letter from Nicole Fox of Nicole's Finishing Touch Salon, Inc, dated November <br />13, 2008 and current financial statements <br />• January 14, 2008 EDA/ City Council Memo for Nicole's Finishing Touch Salon, <br />Inc. Micro Loan Application <br />• January 14, 2008 EDA Minutes <br />• Nicole's Finishing Touch Salon, Inc. -Current Amortization Schedule <br />• Nicole's Finishing Touch Salon, Inc. -Proposed Extended Amortization Schedule <br />as requested by applicant (3% interest) <br />• Micro Loan Policy & Guidelines <br />Requested Action <br />The Finance Committee is asked to review and provide a recommendation to the EDA <br />regarding the Micro Loan extension request from Nicole's Finishing Touch Salon, Inc for <br />one additional year at the current 3% interest rate. <br />Issue <br />Ms. Nicole Fox, owner of Nicole's Finishing Touch Salon, Inc., has submitted a request <br />and application for the EDA's consideration of a one year extension on its micro loan at <br />a the current 3% interest rate. The principal balance due on the loan after 8 months <br />(Feb-Oct) is $ 16,832.55. Ms. Fox submitted the attached current financial statements <br />for the Finance Committee's consideration. Ms. Fox has been invited to attend the <br />Finance Committee meeting to provide an update on the current status and future plans <br />of the company. Following any questions and answers with the applicant, she will be <br />excused during the Finance Committee's discussion and recommendation. The Finance <br />Committee's recommendation will be considered for final action by the EDA at its <br />January 12, 2008 regular meeting. <br />