3.6. EDSR 05-11-2009 - Laserfiche WebLink

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Discuss Micro Loan with Nicole's Finishing Touch Salon, Inc. April 27, 2009 EDA Finance Committee Page 2 of 2 the remaining loan balance. Mr. Brandenburg had indicated to staff in follow up discussions that he has withdrawn this offer and has requested the EDA's consideration of restructuring the micro loan payments to an amount that can be realistically handled by the business's strained cash flow. The attached extended amortization schedule is one of the options that allows fora 1-year extension on the amortization schedule and reduces the monthly payment to $462.92. Mr. Brandenburg has indicated to staff that he believes that the cash flow can only handle monthly payments of $250. Staff has not been provided any financial statements for review or to support the options for discussions. The Committee may wish to consider any additional securities or performance expectations by the business and its owner related to restructuring the loan. During this time staff has shared information and encouraged their participation in the business planning services available for free through the Small Business Development Center (SBDC), as well as the joint marketing activities with River's Edge Downtown Business Association. The principal balance due on the loan as of April 15, 2009 is $14,050.19. Both individuals have been invited to attend the meeting to discuss the request. Following any questions and answers with the applicant, they will be excused during the Finance Committee's discussion and recommendation. The Finance Committee's recommendation will be considered for final action by the EDA at its May 11, 2009 regular meeting.