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io <br /> <br />Loan amount. There are mm'dmum and mlnimun'l loan amounts for ell~ble. <br />projects. <br /> <br />Maximum loan amoUnt The max/mum'loan available from the revolving loan <br />fund for each eIi~ble project is limited to $300,000.00 0r 40% of total project <br />cost, whichever is les-~. <br /> <br />C° <br /> <br /> 2. Minimum loan amount. The minimum loan amount aYailab[e from the . revolving loan fund for each elig/ble project is $25,0012,00. <br /> - <br /> <br /> Interest rate. The interest rate shall be a Sxe.d-vat~:~n be a function of th~ <br /> Prime rate at the date of funding but sba.il, n~be res,.'t~an 3.0%. <br /> <br /> Term. The term of the loan ~'~e t/ed: to;~ useful~.5.-'fe of the assets being <br /> financed. The foj:l'o~ <br /> <br />i..,;¢~;~¢~;q~f~he ~-g;*e loan for mach/nery/eqUipment shall <br /> <br />2. ' 7Lan~uiMing ad~}'.a:i.4[tion. The term of the loan for iand/building shall not <br /> · ':.-.exceed 1 ~years. <br /> <br />3. "~New conStruction/renovation. The term of the loan for new <br /> constructiorErenovation shall not exceed 15 years. <br /> <br />Balance due. Ail balances will be due and payable if' and when the loan <br />recipient sells or otherwise transfers any or part or his/her interest in the <br />property or fails to meet any of the guidelines established within th/s <br />document before the maturity date of the loan or relocates any part or all of <br />the business outside the City of Ramsey. <br /> <br />D. Job creation. <br /> <br />One permanent full-time job must be created or retained Within two years of the <br />loan closing for each $5,000.00 in revolving loan funds; <br /> <br />A business that receives revolving loan funds must a~ee to list any vacant or new <br />position with the job services 'of the Department of Economic Security. <br /> <br /> <br />