Laserfiche WebLink
REQUEST FOR ACTION <br />To Item Number <br />Economic Development Authority 5 . <br />Agenda Section Meeting Date Prepared by <br /> July 13, 2009 Annie Deckert, Economic <br /> Develo ment Assistant <br />Item Description Reviewed by <br />Consider EDA Micro Loan Applications Lori ohnson, Ci Administrator <br />- Sweet P's Ice Cream & Candies Reviewed by <br />Action Requested <br />The EDA is asked to consider the EDA Finance Committee's recommendation for approval with <br />conditions on the following Micro Loan application: <br />• $20,000 Micro Loan to Sweet P's Ice Cream & Candies (Tim Jeanetta) <br />Background/Discussion <br />The attached staff reports to the EDA Finance Committee and July 8, 2009 committee meeting minutes <br />provide background regarding the Micro Loan request. The applicant is anticipated to be at the EDA <br />meeting to respond to any questions about the proposed project. <br />Financial Impact <br />The Micro Loan Fund has a current cash balance of approximately $813,378. <br />The Finance Committee is recommending EDA approval of the following Micro Loan and term: <br />Applicant: Sweet P's Ice Cream & Candies (Tim Jeanetta) <br />Loan Terms: $20,000 at 2% interest, 5-year amortization <br />Purpose: Assist in purchasing equipment and exterior revitalization necessary in starting up the <br />business <br />Security: Subordinate position on all business assets <br />Attachments <br />• EDA Finance Committee Meeting Minutes dated July 8, 2009. <br />• EDA Micro Loan Fund Policy and Guidelines <br />• Staff report to EDA Finance Committee re: Sweet P's Ice Cream & Candies Micro Loan Application, <br />July 8, 2009. <br />Action Motion by Second by Vote <br />Follow Up <br />S:\F..DA\Micro Loan Fund\I,OANS\Sweet P's Ice Cream & Candies, Inc\7.13.09 EllA Action Requested.doc <br />