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Request for Action <br />ToItem Number <br />Economic Development Authority6.1 <br />Agenda Section Meeting DatePrepared by <br /> <br />General BusinessApril 17, 2017Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />EDA MicroloanPolicy Annual ReviewCal Portner, City Administrator <br />Reviewed by <br /> <br />Action Requested <br /> <br />Approve, by motion,the EDA Microloan Fund Program Policy. <br />Background/Discussion <br />Staff, in conjunction with our EDA Finance Committee, Attorney and Financial Advisor, reviewed and <br />revised the EDA loan program and policy. <br />Changes to the Microloan Policy include the following: <br />1.Rename policy for consistency: Elk River Economic Development Business Microloan Fund, Guidelines, <br />Policy & Application <br />2.Reorganizationof the policyand renumberingfor clarity <br />3.Rate is consistent throughout at 3% <br /> <br />Microloan for Micro Brewerys <br />4.Added a <br />5.Removed Jobs Incentive Microloan Program and created a separate <br />guidelines for use of funds seeded by the State Minnesota Invest <br />6.Added scoresheet <br /> <br />Financial Impact <br /> <br />None <br /> <br />Attachments <br /> <br />Economic DevelopmentBusiness Microloan Fund Program Policy <br /> <br />