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i11. <br /> <br />2. Borrower must locate in the West Business Park (see attached m~) <br />and comply with the provisions of the city's industrial and business <br />park zoning ordinances. <br /> <br />USES <br /> <br />1. Permitted Fund Uses: <br /> a. Building consr_mction <br /> b. Land acquisition <br /> c. Machinery <br /> d. Furniture, fLxtures, and eqmpment (FF&E) <br /> e. Renovation and modermza~on of buildings <br /> f. Exterior renovation of retail, cormnercml and indust_dal buildings <br /> g. Public infrastructure needed for economic development expansions <br /> <br />2. Ineligible Fund Uses: <br /> a. Expenditures for the construction and/or renovation of residential units <br /> b. Working capital <br /> c. Refinancing of e,,dstmg debt <br /> d. Inventory <br /> <br />IV. <br /> <br />BUSINESSES ELIGIBILITY <br /> <br />Any project meeting the above criteria, and located or proposed to be located within <br />the city limits of Elk River as defined by this program, may be eligible for an <br />Economic Development Micro Loan as further defined herein: <br /> · Business must be a for-profit corp0radon, partnership, or sole <br /> proprietorship. <br /> · Business must be a small business as defined by the Small Business <br /> Admimstration (SBA). <br /> · Business must have a positive net worth. <br /> · Religious, political, and porno~aphic enterprises are not eligible to use <br /> the Economic Development Micro Loan Fund. <br /> <br />MICRO LOAN FUND TERMS 8,: CONDITIONS. <br /> <br />1. Loan Structure <br />Ail EDA Micro Loans will be sunacrured as partidflation loan-~' and will be serviced by <br />the project's pm-nary lending institution. Such an arrangement allows for the central <br />distribution and collection of funds and sWnplifies the financing process for all <br />parties involved. A participation a~eement will be sig-ned by the borrower, primary <br />lender and the EDA. <br /> <br />2. Simultaneous Micro Loans <br />The simultaneous use of different Micro Loan Fund Programs by any one borrower <br />or for any one project is prohibited. <br /> <br />Elk River Economic Development Authority <br />lVficro Lo~ Fund Policy & Guidelines <br /> <br />Page 4 of 8 <br /> <br /> <br />