4.5. EDSR 09-21-2020 - Laserfiche WebLink

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Elk Request for Action River To Item Number Economic Development Authori 4.5 Agenda Section Meeting Date Prepared by General Business September 21, 2020 Amanda Othoudt,ED Director Item Description Reviewed by Director Report Cal Portner, City Administrator Reviewed by Action Requested Information presented for discussion to keep the EDA updated on development activity. Background/Discussion BUSINESS VISITS BR&E Visits have been very difficult to schedule the past few months. As an alternative, staff sent a GROW MN survey to gauge the local business environment to 28 businesses, seven businesses participated. MISCELLANEOUS DEED Bi-weekly Conference Calls Staff participates in weekly calls facilitated by DEED Commissioner Steve Grove which keep economic development professionals up to date on changes to federal and state loan programs and resources available to local businesses. COVID-19 SMALL BUSINESS EMERGENCY MICROLOAN PROGRAM To date,we have received 17 inquiries for the program, and eight applications were approved. One new application was received. One applicant withdrew their application,as they applied for the county grant program. One applicant was denied,because they are a home-based business,which are not eligible under the program.A grand total of$97,374 is expended from the total program dollars, of which $27,374 is eligible for forgiveness and$70,000 may be eligible for reimbursement through the CARES Act. Reporting forms will be sent out to the applicants by September 30, 2020. EDA DASHBOARD REPORT Lead generation comes from participating in several different activities, conferences, and events throughout the year. At the request of the Commission, a copy of the dashboard report will be delivered at the meeting. SHERBURNE COUNTY CARES ACT GRANT TO BUSINESSES Sherburne County has created a grant program to provide businesses funds to make up for losses related to the COVID-19 pandemic. Several Elk River businesses applied for the program. MORRELL TRUCKING Morrell Trucking's Microloan 5-year balloon was up on August 1, 2020. They have the option to request a 2- year extension or pay the balance in full. The payoff amount is $156,427.56 as of 9/1/2020. They continue making payments each month. They intend to apply for an extension to their loan. They plan to submit their The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness,exceptional service,and community engagement that encourages and inspires prosperity P 0 w E H E D 0 Y ItAIAT_ IJR