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<br />131 <br />132 . A City application must be completed. In addition, a scope of work with <br />133 construction bids must be submitted prior to the issuance ofthe loan. The <br />134 City will conduct final inspections to ensure that the work was completed as <br />135 noted in the application and scope of work. <br />136 <br />137 5. Ineligible Business Activities (per SBA Strandards) <br />138 <br />139 . Nonprofit organizations and institutions <br />140 . Real estate investment and speculative activities <br />141 . Home based businesses <br />142 . Pyramid sales plans <br />143 . Illegal and gambling activities <br />144 . Academic schools <br />145 <br />146 <br />147 Minnesota Investment Fund (MS. 116J.8731) <br />148 <br />149 1. Loan Structure: <br />150 <br />151 . Anyone loan cannot be for more than one-half the cost of the project and will <br />152 be restricted to the current balance of the fund. <br />153 . The interest rate and terms of the loans are reviewed on a case-by-case basis. <br />154 . The city will charge a small administrative fee to cover underwriting costs for <br />155 each loan. <br />156 . Each loan must have sufficient security to assure repayment. <br />157 <br />158 2. Eligible Expenditures: <br />159 <br />160 The MN Investment Fund may be used to provide assistance for infrastructure, <br />161 loans, loan guarantees, interest buy-downs, and other forms of participation with <br />162 private sources of financing. <br />163 <br />164 3. Eligible Projects: <br />165 <br />166 The loan meet be based on the following criteria: <br />167 <br />168 . Creation of new jobs or retention of existing jobs; <br />169 . Increase in the tax base; <br />170 . The project can demonstrate that investment of public dollars induces <br />171 private funds; <br />172 . The project can demonstrate an excessive pubic infrastructure or <br />173 improvement cost beyond the means of the affected community and private <br />174 participants in the project; <br /> <br />Roseville Business Loan Policy <br /> <br />Page 4 <br />