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Citv of <br />1�� <br />� <br />�/� <br />Minnesota <br />4 Roseville Business Loan Policy <br />5 <br />s Draft dated November 2000 <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 Revolvin� Loan Fund on Januarv 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 pro�ram for 2000. In 2001, the Citv will be participatin� 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 throu�h the Department <br />19 of Trade and Economic Development (cr�,TED). As a recipient of the Minnesota <br />2o 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 Policv is a document used to �uide decisions <br />23 relating to the use of the revolving funds from the Minnesota Investment Fund and <br />24 Roseville's Small Business Revolvin� 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 116J. 873 1. <br />28 <br />29 <br />30 <br />31 <br />Section 1. Purpose and Goals. <br />The Citv of Roseville brovides low interest loans to businesses usin� e�sting 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 �eneral pro�ram �oals, which are �uided by the Economic <br />35 Development Policies of the City of Roseville's Comprehensive Plan. <br />36 <br />37 <br />38 <br />39 <br />40 <br />The purpose of the business loan pro�ram is to: <br />. Create new employment or maintain existin� employment; and <br />Roseville Business Loan Policy <br />Page ] <br />