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Economic Development Revolving Loan Guidelines <br /> <br />ITl. <br /> <br />Purpose.. <br /> <br />The purpose of these guidelines is to establish policies and procedUres to r~gulate,. <br />coordinate, and facilitate the worlcflow for underwriting new financing requests, <br />servicing revol-ving loans, and ensuring borrower compliance with loan terms and <br />conditions. <br /> <br />Authorization and Fundin~ Sources. . <br /> <br />Chapter 469 of the Minnesota Stare Statutes, ax ame~Xde4; ~or/zes the City of Ramsey <br />to make loans to prospective private bus.inessed~-:The revolv~g loan.fund was capitalized <br />through funds made available by the C[~W.':of Ramse7 and the 'Nfinnesom Department of <br /> <br />The missi°n:of th~!reV'Oi:ving, l~anT'.:fimd is to increase the City's tax base, create and retain <br />permanent, private~ sect~rjobs..and' improve economic opportunity and living standar~ for <br />the citizens.,?;£Ramsey by promoting local bus/ness development and expansion, by <br />attracting ouf2°£-state business expansion, leveraging private sector funds, and assisting <br />the development of new technologies. <br /> <br />Pro~oTam 0biective. <br /> <br />The objective of the revolving loam fund is to fill the fin,Tn, cing gap between projec~ costs <br />and private debt financing and private equity by making direct Iow-interest loans for <br />certain approved activities to bushaesses within the Rzznsey city limits. <br /> <br />V. Elicible Activities. <br /> <br />Loan funds may be used to assist small businesses primarily by providing.financial <br />assistance for the following types of activities, including but not limited to: growth <br />and expansion, rehabilitation, code compliance, employee recruitmeat and retention <br />throu~h housing initiatives, and facade enhancement. <br /> <br /> <br />