Laserfiche WebLink
W <br />INTRODUCTION <br />The creation of a Revolving Loan Fund RLF for the City of Arden Hills was made possible <br />through the Minnesota Department of Trade and Economic Development DTED Minnesota <br />Investment Fund MIF As a result of these MIF grants the ensuing guidelines have been <br />developed for the purposes of administering this fund <br />PURPOSE <br />I To create or retain permanent private sector jobs in the City of Arden Hills <br />2 To provide capital for business development and expansion within the City particularly <br />for businesses unable to obtain adequate affordable capital from the private capital <br />market <br />3 To bolster tax bases of local units of government <br />4 To leverage other public and private investments in order to achieve the maximum <br />number of jobs per city dollar <br />LOAN MANAGEMENT PHILOSOPHY <br />1 Allow for flexibility in establishing loan terms and conditions to tailor fit loans to the <br />needs of individual industries <br />2 Establish and maintain a good working relationship with local private financial <br />institutions <br />3 Arrange interest subsidies with local lenders <br />4 Provide collateral for private financing <br />5 Provide for principal reductions together with private lenders <br />6 Make companion or second loans which can reduce the overall interest rate <br />7 Give direct loans at favorable terms and interest rates <br />8 Guarantee loans made by private lenders