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City of <br /> 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 October 19, 2020 Colleen Eddy, Economic Development Specialist <br /> Item Description Reviewed by <br /> COVID Emergency Loan Program and Sherburne Cal Portner, City Administrator <br /> County Business Relief Fund Update Reviewed by <br /> Action Requested <br /> Receive an update on the COVID Emergency Loan Program and Sherburne County Business Relief <br /> Fund. <br /> Background/Discussion <br /> As we get closer to the CARES Act Funding program deadlines, staff has been in contact with our Finance <br /> Director and the Sherburne County Assistant County Administrator for updates on the city's COVID <br /> Emergency Relief Fund and the county's Business Relief Program funded through their CARES Act funding. <br /> As of 10-16-2020 the city's COVID Emergency Loan Program distributed$97,374 of the $200,000 the EDA <br /> allocated to this program. No new applications have been received as of October 16, 2020. <br /> Sherburne County continues to process requests. They have processed 23 Elk River business requests as of <br /> October 2nd for grants between $12,500 and $30,000. Assistant County Administrator Weber indicated they are <br /> nearing their original fund designation of$2.3 million but the Board has stated they will support additional <br /> funds. Mr. Weber asked us to continue to direct businesses to their website. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> The COVID-19 Small Business Emergency Microloan Program was created to assist area businesses with the <br /> expenses incurred and specifically caused by the impact of the Governor's Emergency Executive orders. <br /> Attachments <br /> ■ N/A <br /> The Elk River Vision <br /> A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r <br /> service, and community engagement that encourages and inspires prosperity ,g /` UR <br />