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Cit of <br /> 4„, Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 6.5 <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 21,2017 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> Modification to the EDA Business Microloan Fund Cal Portner,City Administrator <br /> Policy Reviewed by <br /> Action Requested <br /> Approve,by motion, a modification to the EDA Business Microloan Policy <br /> Background/Discussion <br /> Staff has received feedback from applicants wishing to apply for the Industrial Incentive Loan through <br /> the EDA's Business Microloan Fund program. <br /> The purpose of the Industrial Incenrive Loan program is to encourage industrial and high technology <br /> business development that supports the tax base and brings quality jobs to the city. <br /> � The maximum amount available per applicant through this program is currently$100,000. However, staff <br /> has received feedback from potential applicants to increase the amount of this loan to $200,000 to help <br /> assist applicants with large equipment purchases. <br /> The current cash balance of the General Micro Loan Fund is $643,970 as of August 3,2017. <br /> Financial Impact <br /> None <br /> Attachments <br /> • EDA Business Microloan Fund Policy <br /> 11 / EIEI 11 <br /> [NATUJI?E <br />