Agenda - Economic Development Authority - 03/09/2017

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Financing Approved Through 4t" Quarter 2016: Approved Loan Direct- Business Type: Lawn/Landscape Services—Commercial/Residential Location: Purchase Property/Building in Nowthen (Zimmerman Resident) Referred by: Bank/Other Lender OTB Financing: $33,000 Other Financing: $280,500 Bank Financing/$35,000 Owner Equity Employment: NA Overview: The business provides commercial and residential lawn mowing, seasonal cleanup, light landscaping, and irrigation services. Winter services such as plowing, and snow removal and hauling, are provided to commercial customers on a contract basis. Client has grown out of his current location and needs a larger facility to operate and store equipment. Client found a building/property in Nowthen, MN large enough to house equipment and provide office space. Open To Business approved a loan for $33,000; we were able to leverage a Bank approved loan of $280,500 to fill the gap. The Client has put this particular building/property purchase on hold —and is looking at other properties in Anoka County—when he is ready to purchase, Open To Business will be there to help with the Financing. Approved Loan Direct- Business Type: Mall Kiosk— Cell Phone Accessories Location: Ramsey Resident (Minneapolis Business) Referred by: NA OTB Financing: $1000 Other Financing: NA Employment: 1 Fulltime Overview: For the last year, Client has been selling cell phone accessories on-line and at trade shows. In November 2015, he set up a kiosk in Minneapolis - Calhoun Square. He operates the kiosk during the day and on weekends, while working a second shift job. Open To Business awarded him a Micro Grant to purchase inventory, which generated a nice profit. Since the Micro Grant worked well for him, Open To Business provided a small Advisor Express loan to help purchase additional inventory. Approved Loan Direct- Business Type: Childcare Center Location: St. Francis Business Referred by: Started working with Open To Business a couple of years ago. OTB Financing: $25,000 Other Financing: $25,000 Bank Financing/$10,000 Owner Equity Employment: Expected to create at least 6 jobs. Overview: The business owner has worked as a child care teacher, manager and director, but her real goal was to own child care center. Unfortunately, start-up costs can approach hundreds of thousands of dollars, a price tag well beyond her means. Then came the opportunity of a lifetime. A vacant center in St. Francis was available for sale and the total project was under $60,000. Open To Business partnered with Village Bank to provide financing needed to open the business. With only two other child care centers operating in the city, this business will offer a much needed service to families of young children in and around St. Francis.