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86 <br />87 <br />88 <br />89 <br />90 <br />91 <br />92 <br />93 <br />94 <br />95 <br />96 <br />97 <br />98 <br />99 <br />100 <br />101 <br />102 <br />103 <br />104 <br />105 <br />106 <br />107 <br />108 <br />109 <br />110 <br />111 <br />112 <br />113 <br />114 <br />115 <br />116 <br />117 <br />118 <br />119 <br />120 <br />121 <br />122 <br />123 <br />124 <br />125 <br />126 <br />127 <br />128 <br />129 <br />130 <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 />3. Ineli�ible Improvements <br />. Refinancing of existing debt <br />. Non-fixed improvements <br />. Working capital <br />. Inventory <br />. Sweat equity <br />4. Minimum Requirements <br />. The participating bank would be required to service the City's portion of the <br />loan at no cost to the City. Signature of a Participation Agreement between the <br />bank and the City is required. <br />. Each loan shall only be approved after satisfactory recommendation by the <br />participating bank and approval by the Roseville City Manager. <br />. A business and/or individual can onlv applv for one loan from the small <br />business loan pool and Minnesota Investment Fund at anv time. <br />. The total loan will require the personal guarantees of all the individuals who <br />own more than 20 percent interest in the company. The City will take a <br />subordinate position to the participating bank. <br />. Participating bank is required to use all customary lending practices in <br />determining eligibility for the loan to ensure repayment of the loan. The <br />participating bank shall provide the City with a written recommendation on <br />the loan amount requested prior to City approval. <br />. Loan disbursements shall be the responsibility of the bank. The bank shall <br />make payments to the City on their proportionate share of the loan once a <br />month. Loan prepayments are accepted without penalty. The City shall <br />receive their proportionate share of any prepayments. <br />. All improvements must conform to current zoning, City building codes and <br />ordinances. Any outstanding taxes, assessments and fees must be made <br />current prior to loan approval. <br />. The City portion of the loan is not assumable upon the sale of the business. <br />Roseville Business Loan Policy <br />Page 3 <br />