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Elk Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authori 7.6 <br /> Agenda Section Meeting Date Prepared by <br /> General Business July 20, 2020 Amanda Othoudt,ED Director <br /> Item Description Reviewed by <br /> Director Report Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Information presented for discussion to keep the EDA updated on development activity. <br /> Background/Discussion <br /> BUSINESS VISITS <br /> We are working on scheduling BR&E visits and GROW MN Visits with the Elk River Area Chamber of <br /> Commerce utilizing a combination of an online platform and in person visits. <br /> MISCELLANEOUS <br /> DEED Bi-weekly Conference Calls <br /> Staff participates in weekly calls facilitated by DEED Commissioner Steve Grove which keep economic <br /> development professionals up to date on changes to federal and state loan programs and resources available to <br /> local businesses. <br /> COVID-19 SMALL BUSINESS EMERGENCY MICROLOAN PROGRAM <br /> To date,we have received 12 inquiries for the program, and five applications were approved. Three more <br /> applications were received. Staff reviewed applications from Snap Fitness, Elk River Country Club, and the <br /> Eagles Club. All applications were complete and met the policy objectives outlined in the program. Total funds <br /> to be expended for the three new applications is $27,374. A grand total of$97,374 will be expended from the <br /> total program dollars, of which$27,374 is eligible for forgiveness. <br /> SHERBURNE COUNTY BUSINESS RELIEF FUND <br /> Sherburne County created the Business Relief Fund to provide temporary support to local businesses adversely <br /> affected the COVID-19 pandemic. The county's goal is to help businesses survive the economic crisis caused <br /> by the pandemic and to provide a means for them to re-open under public health guidance and protocols. <br /> Eligible businesses may receive a one-time grant of up to $30,000 based on demonstrated need and for use on <br /> eligible expenses. <br /> Funds can be used for rent or mortgage payments,payroll for current employees,working capital and <br /> operational costs such as inventory and utility payments. The county will determine in its discretion the <br /> appropriate amount of a grant and the eligible costs and expenses for each eligible business. Applications will <br /> be accepted beginning July 27 through August 31, 2020. <br /> The Elk River Vision <br /> A welcoming community with revolutionary and pirited resourcefulness,exceptional service,and community <br /> engagement that encourages and inspires prosperity P 0 w E H E D 0 Y <br /> ItAIAT- IJR <br />