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<br />Request for Action <br /> <br /> <br /> <br /> <br />To Item Number <br />Economic Development Authority 7.3 <br />Agenda Section Meeting Date Prepared by <br />General Business April 20, 2020 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Modification to the Jobs Incentive Microloan Policy Cal Portner, City Administrator <br />funded by State DEED money <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, a modification to the Jobs Incentive Microloan Policy. <br /> <br />Background/Discussion <br />Per Executive Order 20-15: Effective immediately, in an effort to make more resources available to businesses <br />impacted by Executive Orders 20-04 and 20-08 (certain business establishment closures), any local unit of <br />government or lending partner that has revolving loan funds provided by the State Minnesota Investment Fund <br />program appropriations or Minnesota Investment Fund Disaster program appropriations, may issue loans to <br />retail and service providers over the next 90 days. <br /> <br />The EDA attorney suggested the following change to our existing policy: <br /> <br />COVID-19 EMERGENCY PROVISIONS <br />Notwithstanding anything herein to the contrary, loans may be made under this program for retail <br />and service businesses in accordance with Governor Walz’s Executive Order 20-15 issued on March 23, <br />2020. The expanded use of this program shall expire on June 21, 2020. All other provisions of this policy <br />remain the same. <br /> <br />This policy change would reflect that for a short period of time loans can be made for retail and service <br />industries in accordance with the Governor’s emergency executive order due to the COVID19 pandemic. The <br />other provisions of the program still apply, wage requirements, equity financing match, etc. <br /> <br />Financial Impact <br />None <br /> <br />Attachments <br /> Jobs Incentive Microloan Policy <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />