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176 <br />177 <br />178 <br />179 <br />180 <br />181 <br />182 <br />183 <br />184 <br />185 <br />186 <br />187 <br />188 <br />189 <br />190 <br />191 <br />192 <br />193 <br />194 <br />195 <br />196 <br />197 <br />198 <br />199 <br />200 <br />201 <br />202 <br />203 <br />204 <br />205 <br />206 <br />207 <br />208 <br />209 <br />210 <br />211 <br />212 <br />213 <br />214 <br />215 <br />216 <br />217 <br />218 <br />219 <br />220 <br />. Utilities or infrastructure <br />. Machinery or Equipment <br />. Workfot'ce development <br />. �o�si�g-dE�ele�tne�� <br />4. Ineli�ible Activities: <br />The loan , funds may not be used for the following: <br />. Gaming operations <br />. Retail sales operations <br />. Nonprofit businesses <br />. Any expediture that is not consistent with this policy <br />5. Loan Structure: <br />. Any one loan cannot be for more than one-half the cost of the project and will <br />be restricted to the current balance of the fund <br />. The interest rate and terms of � the loans are reviewed on a case-by-case basis. <br />. The city will charge a 1 percent &mc�l�-adminisl7'ative fee to cover <br />underwriting costs fot' each loan. <br />. Each loan must have su, fficient security to assure repayment. <br />6. Wa�e Goals: <br />Businesses receiving loan , funds must pay between �12 -$14.99 per hour to be <br />ekgible fot' each $6,000 in assistance and over $IS per hour fot' each ��m� ��� in <br />assistancefor 2001 - 2002. <br />l�o���g�elic-y gea�s. <br />7. Minimum Application Requirements <br />. A City application must be completed based upon the Minnesota Investment <br />Fund requirements. <br />. A business and/or individual can only a�lv for one loan from the small <br />business loan_pool,and Minnesrata, Inyestment Fund_at �.o._time,._ <br />�0�����ne-loa�r-_ fi��-�bet#��oar���aosls �car�-be--�ssued�o-�he--sa�6-b�sax�ess-s�or <br />��av�d�ua�-a���he��scarm�-t�ras: <br />. Each loan shall only be approved after satisfactory recommendation by City <br />Staff and the approval of the City Council if over �25,000 and approval by the <br />City Manager if $25, 000 and under. <br />Roseville Business Loan Policy <br />Page 5 <br />