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projects. <br /> <br />Maximum loan amount. The maximum loan available from the revolving loan <br />fund for each eligible project is limited to $300,000.00 or 40% of total project <br />cost, whichever is less. <br /> <br />2. Minimum loan amount. The minimum loan amount available from the <br /> revolving loan fund for each eligible project is $25,000.00. <br /> <br />Interest rate. The interest rate shall be a fixed-rate and will be a function of the <br />Prime rate at the date of funding but shall not be less than 3.0%. <br /> <br />Term. The term of the loan will be tied to the useful life of the assets being <br />financed. The following general terms apply: <br /> <br />Machinery/equipment. The term of the loan for machinery/equipment shall <br />not exceed 7 years. <br /> <br />Land/building acquisition. The term of the loan for land/building shall not <br />exceed 15 years. <br /> <br />New construction/renovation. The term of the loan for new <br />construction/renovation shall not exceed 15 years. <br /> <br />Balance due. All 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 this <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 livable wage job must be created or retained within two <br />years of the loan closing for each $25,000.00 in revolving loan funds; <br /> <br />A business that receives revolving loan funds must agree to list any vacant or new <br />position with the job services of the Department of Economic Security. <br /> <br />Equity participation. There shall be a minimum t 0% equity investment of total project <br />costs required of all applicants. <br /> <br /> <br />