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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • <br /> Item 7. <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> V.(4,,FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: August 8, 1996 <br /> SUBJECT: Consider$50,000 Micro Loan for <br /> Jimichaeleen Mufflers, Inc. <br /> Introduction <br /> 41, On Tuesday, August 6, 1996, the EDA Finance Committee met to discuss a <br /> $50,000 micro loan request from Jimichaeleen Mufflers, Inc. The Finance <br /> Committee voted 4-0 to deny the applicants loan request after further <br /> discussion of the applicant's compliance with the loan fund guidelines. A full <br /> discussion of this item is included in the minutes of the EDA Finance <br /> Committee meeting as attached to this memo. <br /> Background <br /> Attached for your review is the micro loan fund application and supporting <br /> information from Jimichaeleen Mufflers, Inca <br /> The requested terms of the loan are as follows: <br /> • $50,000 principal <br /> • 10 year term <br /> • Interest rate equal to 8.25 percent, which is prime rate at this time. <br /> • Collaterallized with a third mortgage position on building and <br /> business assets. <br /> 1111 <br /> 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743.• (612) 441-7420 • Fax (612)441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />