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PROGRAM PROFILE <br />SMALL BUSINESS DEVELOPMENT LOAN <br /> PROGRAM <br /> <br /> Program purpose: To create jobs and provide loans <br />for business expansions. <br /> <br /> Terms: Real estate at maximum of 20 years; equip- <br />ment at 10 years or 80 percent of useful life; not to exceed <br />weighted average useful life of assets f'manced. <br /> <br />Collateral requirements: First mortgage on real <br /> <br /> property or equipment financed by MAEDB and personal <br />How it works: The Minnesota Agricultural and Eco- guarantees of owners. In some cases, additional security in <br />nomic Development Board (MAEDB) makes small business the form of other liens or guarantees may be required by <br />loans through the issuance of industrial development bonds MAEDB or bond underwriters. <br />backed by a state-funded reserve of 25 percent. <br /> Fees and other costs: No MAEDB fee, but board <br />Eligible applicants: Manufacturing and industrial issuance costs of 5 percent are capitalized with the loan <br />businesses located or intending to locate in Minnesota, as principal. One year's debt service must be escrowed. <br />defined by Small Business Administration size and eligibility <br />standards; generally, those with 500 employees or fewer. Applications accepted: On ayear-roundbasis through <br /> the Community Development Division's single application <br /> Minimum requirements: New capital investment process. Applications mustbe received by the first of each <br />resulting in a significant number of new jobs and other month to be considered during that month. <br />beneficial economic impacts. <br /> Contact: DTED/Com munity Development Division <br /> at (612) 296-5005. <br /> <br />Future Topics <br /> <br />If you have ideas for articles in future editions of the <br />Business Letter please contact Jim Gromberg at 427- <br />1410. If you would like your company and the service or <br />products it provides featured in a future issue please <br />submit it at your earliest convienece. <br /> <br />The City of Ramsey reserves the right to determine what <br />may appear in this newsletter. This newsletter is read <br />and obtained with the understanding that the information <br />presented is from varied sources from which there can be <br />no warranty or responsibility as to accuracy or <br />completeness. <br /> <br />· · <br />· Local Contacts for Economic · <br />· · <br />· Development Information · <br />· · <br />· Economic Development Commission · <br />· · <br />· Chair Ken Wagner 780-1797 · <br />· Vice-Chair David Kent 753-5131 · <br />· · <br />· · <br />· City Administrator · <br />· · <br />· Ryan Schroeder 427-1410 · <br />· · <br />· · <br />· Economic Development Cordinator · <br />· James Gromberg 427-1410 · <br />· · <br />· · <br /> <br />City of Ramsey <br />Ramsey Municipal Center <br />15153 Nowthen Blvd. N.W. <br />Ramsey, MN 55303 <br /> <br />Bulk Rate <br />U.S. Postage Paid <br />Permit No. 131 <br />Anoka, MN 55303 <br /> <br /> <br />