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Last modified
10/29/2007 10:15:15 AM
Creation date
12/9/2004 7:01:38 AM
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Template:
Planning Files
Planning Files - Planning File #
3275
Planning Files - Type
Planning-Other
Additional Information
Minnesota Investment Fund loan
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<br />41 · Encourage improvements that provide additional investment into existing <br />42 business real estate. <br />43 <br />44 The goals of the programs are as follows: <br />45 <br />46 . Create and retain permanent private-sector iobs in order to create above-average <br />47 economic growth: <br />48 <br />49 · Stimulate and/or leverage private investment to ensure economic renewal and <br />50 competitiveness: <br />51 <br />52 . Stabilize and increase the local tax base: <br />53 <br />54 · Improve employment and economic opportunity for citizens in the region to <br />55 create a reasonable standard of living: <br />56 <br />57 · Improve the aesthetics of property that will help to maintain a positive balance <br />58 between the living and working environment of the community: <br />59 <br />60 . Eliminate polluted soil areas: and <br />61 <br />62 · Stimulate productivity growth through improved technologies. <br />63 <br />64 <br />65 Section 2. Loan Policies Summary. <br />66 <br />67 Roseville Small Business Revolving Loan Fund: <br />68 <br />69 1. Loan Structure <br />70 <br />71 . Each loan must be matched at least one for one by a bank loan with the City's <br />72 minimum loan amount of $2,500 and maximum loan amount of $25,000. <br />73 · The City's portion of the loan would be at 2% fixed interest rate. The <br />74 participating bank would be required to, at a minimum, match the City loan <br />75 amount at commercial lending rates not to exceed 2.5 percent above prime. <br />76 · The term of the City loan would be at the recommendation of the participating <br />77 bank and would not exceed 10 years. <br />78 <br />79 2. Eligible Improvements <br />80 <br />81 · Repair storefronts, windows, doors, decorative applications, exterior finishes <br />82 and lighting. <br />83 · Interior improvements that would result in the growth and expansion of the <br />84 business (tenant improvement would be evaluated on a case-by-case basis.) <br />85 . New or upgraded landscaping, sidewalks and street trees. <br /> <br />Roseville Business Loan Policy <br /> <br />Page 2 <br />
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