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ITEM # 6.4. <br />ver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic <br />DATE: May 8, 2006 <br />Development /" <br />SUBJECT: Consider Adoption of Amended Micro Loan Fund Policy & <br />Application <br />Attachments <br />• Micro Loan Fund Policy & Application, Amended May 2006 <br />Background <br />At its September 28, 2005 meeting, the EDA Finance Committee discussed the level of <br />financial assistance provided to manufacturing companies and provided recommendations to <br />the EDA for amendments to the Micro Loan Fund Policy. The EDA reviewed a first draft <br />of the amended policy at its February 13, 2006 meeting. <br />Recommendation <br />The attached policy includes amendments discussed at the EDA's February 13, 2006 <br />meeting and input received from the HRA and HPC. Staff recommends that the EDA <br />consider adoption of the amended Micro Loan Fund Policy & Application. <br />