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3.0 Summary of Loan Issued: <br />3.1' In 1999, six loans were approved to the following businesses <br />Company Participating Bank Jobs <br />Created <br />Charles Cabinets North American 3 <br />3090 North Cleveland Ave Bankin Com an <br />Countryside Restaurant conlmunity 0 <br />2851 N. Snellin Ave National Bank <br />Cox Insurance St. Anthony Park 12 <br />3 116 Fairview Bank <br />L. J. Olson Heritage LLC North Star Bank 5 <br />(Cryogenic Labs) <br />944 N. Lexin ton Ave <br />Rymer-Hadley Academy community 0 <br />of Fine Arts National Bank <br />2256 Lexin ton Ave <br />Suburban True Value NorwestBank 1 <br />Hardware <br />1930 Lexin ton Ave. <br />5.0 Staff Recommendation <br />5.1 The Small Business Loan Program has been a very beneficial economic development <br />tool to encourage improvement of existing commercial buildings. Many of the loans <br />issued were company expansions that required additional improvement based upon City <br />codes. The loan program provides an incentive to make those improvements and <br />expand the businesses within the community. Although the program is not based upon <br />jobs created, it is estimated that 21 jobs were created specifically due to the above <br />proj ects. In addition, the loans leveraged more than $2 million in total proj ect costs. <br />5.2 Staff recommends the continuation of the Small Business Loan Program for 2000 with <br />$100,000 from the City Economic Development Fund. <br />6.0 Suggested Council Action <br />6.1 By motion, approve the continuation of the Small Business Revolving Loan Program in <br />2000 with funding in the amount of $100,000 from the Economic Development Project <br />Fund. <br />Prepared by: Cathy Bennett (490-2241) <br />Q:�Economic Development�Business Retention Programs\small business loan RCA2000.doc <br />RCA - Small Business Loan 07/27/00 - Page 2 of 2 <br />