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REQUEST FOR CITY COUNCIL ACTION <br />Department Approval: <br />DATE: 07/27/00 <br />ITEM NO: F-4 <br />Manager Approved: Agenda Section: <br />`'��� c� Reports <br />Description: Consideration of Continuing the Roseville Small Business Revolving <br />Loan Program <br />1.0 Requested Action <br />1.1 Staff is requesting the continued approval of a Small Business Revolving Loan Program <br />(Loan Program) for 2000 in the amount of $100,000 that provides micro loans to small <br />businesses in Roseville in partnership with participating banks. <br />2.0 Background <br />2.1 <br />2.2 <br />The City Council approved the implementation of a Small Business Revolving Loan <br />Program on January 1999 with an initial investment of $100,000. <br />The purpose of the Loan Program is to provide low interest loan packages as an <br />encouragement to make improvements and provide additional investment into existing <br />small businesses in Roseville. The outcome of the Program would provide stabilization <br />of the tax base, prevention of further deterioration of properry, improvement of the <br />aesthetics of the community and an increase in the prosperity of the business <br />colnlnunity. <br />2.3 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 2% fixed 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 />2.4 Eligible improvements under the Program include the following <br />♦ Repair storefronts, windows, doors, decorative applications, exterior finishes <br />and lighting. <br />♦ Interior improvements that would result in the growth and expansion of the <br />business (tenant improvement would be evaluated on a case-by-case basis.) <br />♦ New or upgraded landscaping, sidewalks and street trees. <br />♦ Upgrade or replace Business Signage. <br />♦ Parking lot redesign and repair. <br />♦ Stormwater improvements. <br />♦ Upgrade facility to comply with American with Disabilities Act. <br />♦ New equipment financing that would improve processes of the business. <br />RCA - Small Business Loan 07/27/00 - Page 1 of 2 <br />