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1999_0125_packet
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1999_0125_packet
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REQUEST FOR CITY COUNCIL ACTION <br /> 01/25/99 <br /> Department Approval: Manager Approved. Agenda Section, <br /> Reports <br /> Item Degcr* tione. Consideration of Approval of the Roseville Small Business Revolving <br /> IP <br /> Loan Program <br /> 1.0 Requested Action <br /> 1.1 Staff is requesting approval of a Small Business Revolving Loan Program(Loan <br /> Program)that would provide micro loans to small businesses in Roseville in <br /> partnership with participating banks. <br /> 2,0 Background <br /> 2.1 City staff has been meeting with local commercial bankers for the past year to develop <br /> a program that would provide low interest financing to small businesses. The purpose <br /> of the program would be to encourage small businesses to invest in improvements that <br /> may not necessarily increase their business profits or tax base such as landscaping, <br /> signage}parking lot and facade improvements. <br /> 2.2 After review of several metro community programs the commercial bankers agreed <br /> that a micro loam fund would be the most effective method to encourage small <br /> businesses to make more aesthetic improvements into their business. <br /> 3.0 Summary of Loan Guidelines <br /> 3.1 As proposed,the Loan Program,in partnership with the banking community,would <br /> provide low interest loan packages as an encouragement to make improvements and <br /> provide additional investment into existing small businesses in Roseville. The outcome <br /> of the Program would provide stabilization of the tax base,prevention of further <br /> deterioration of property,improvement of the aesthetics of the community and an <br /> increase in the prosperity of the business community. <br /> 3.2 The City would make loans at a maximum of$25,000 and a minimum of$2,500 with <br /> the participating bank at least matching the City's loan amount. The City's portion of <br /> the loan would be at fined interest rate. The participating bank portion would loan <br /> at commercial lending rates not to exceed 2.5 percent above prime. The term of the <br /> City loan would be at the recommendation of the participating bank and could not <br /> exceed 10 years. <br /> RCA--Small Business Loan 01/25/99 - Page 1 of <br />
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