Laserfiche WebLink
Economic Development Revolving Loan Guidelines <br /> <br />Purpose. <br /> <br />The purpose of these guidelines is to establish policies and procedures to regulate, <br />coordinate, and facilitate the workflow for underwriting new financing requests, <br />servicing revolving loans, and ensuring borrower compliance with loan terms and <br />conditions. <br /> <br />II. <br /> <br />III. <br /> <br />Authorization and Funding Sources. <br /> <br />Chapter 469 of the Minnesota State Statutes, as amended, authorizes the City of Ramsey <br />to make loans to prospecti'~e private businesses. The revolving loan fund was capitalized <br />through funds made available by the City of Ramsey and the Minnesota Department of <br />Trade and Economic Development. <br /> <br />Mission. <br /> <br />IV. <br /> <br />The mission of the revolving loan fund is to increase the City's tax'base, create and retain <br />permanent private sector jobs and improve economic opportunity and living standards for <br />the citizens of Ramsey by promoting local business development and expansion, by <br />attracting out-of-state business expansion, leveraging private sector funds, and assisting <br />the development of new technologies. <br /> <br />Program Objective. <br /> <br />The objective of the revolving loan fund is to fill the financing gap between project costs <br />and private debt financing and private equity by making direct low-interest loans for <br />certain approved activities to businesses within the Ramsey city limits. <br /> <br />Eligible 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 recruitment and retention <br />through housing initiatives, and facade enhancement. <br /> <br /> <br />