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<br /> <br />Minnesota <br /> <br />2 <br />3 <br />4 Roseville Business Loan Policy <br />5 <br />6 Draft dated November 2000 <br />7 <br />8 Amended Existing Business Loan Guidelines Underlined & <br />9 Minnesota Investment Fund Requirements italic <br />10 <br />II Preamble: <br />12 <br />13 The City of Roseville adopted a Small Business Revolving Loan Fund on January 25, <br />14 1999 with an initial fund of $100,000 for use specifically for micro loans in partnership <br />15 with local banks. The City approved another $100,000 to be provided for Small Business <br />16 Loans under the program for 2000. In 2001, the City will be participating in the <br />17 Minnesota Investment Fund on behalf of a Roseville Business for purposes of small <br />18 business loan. The Minnesota Investment Fund is administered through the Department <br />19 of Trade and Economic Development (DTED). As a recipient of the Minnesota <br />20 Investment Fund, the City is allowed to keep the first $100,000 of principal repayments <br />21 and all interest accrued on the total loan amount from the Roseville Business receiving <br />22 the loan. The Roseville Business Loan Policy is a document used to guide decisions <br />23 relating to the use of the revolving funds from the Minnesota Investment Fund and <br />24 Roseville's Small Business Revolving Loan Fund. The Business Loan Policy is reviewed <br />25 and revised annually by the City Council to ensure that the funds are being used <br />26 effectively and efficiently, meet the economic development policies outlined in the <br />27 comprehensive plan and meet the requirements of Minnesota Statute 1161.8731. <br />28 <br />29 Section 1. Purpose and Goals. <br />30 <br />31 The City of Roseville provides low interest loans to businesses using existing Economic <br />32 Development Funds, its loan proceeds and the Minnesota Investment funds principle and <br />33 interest payments up to $100,000. The policies for both loan pools are similar in <br />34 structure and follow the same general program goals, which are guided by the Economic <br />35 Development Policies of the City ofRoseville's Comprehensive Plan. <br />36 <br />37 The purpose of the business loan program is to: <br />38 <br />39 . Create new employment or maintain existing employment: and <br />40 <br /> <br />Roseville Business Loan Policy <br /> <br />Page 1 <br />