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Blank Page 1 of 2 <br /> <br />Megan Wald <br /> <br /> From: Marc Nevinski [Nevinski@ci.coon-rapids.mn.us] <br /> Sent: Tuesday, August 24, 2004 3:52 PM <br /> To: Megan Wald <br /> <br /> Subject: Re: loan questions <br /> <br />Yes, some cities do have such programs. (Coon Rapids does not.) Some use CDBG funds (CR used to) while <br />many others utilize loan dollars from the State which were loaned to a business (the Minnesota Investment <br />Fund) and then repaid through the city or county, who then kept a portion of the MIF loan (the other'portion <br />went back to the state) and re-loaned the money and to grow their loan funds. Elk River had a sizable fund so <br />you may want to talk to Cathy or Heidi about its stucuture, process, etc... <br /> <br />Another thought would be to contact Scott Martin with the MN Community Capital Fund. If I understand <br />correctly, they pooled loan funds from a number of communities (ex Region 5 or an initative foundation area) to <br />leverage more dollars for each community. I believe the loan are also sold on. the secondary market (much like <br />a mortage on a house often is) to recycle the fund's dollars in order to make more loans. ! believe this "pooling" <br />of funds was limited to out state but I spoke with Scott earlier this year about doing Something similar in the <br />metro area. Since MIF funding is being cut every year, some sort of pooling opportunity may make sense if you <br />don;t have a lot of dolalrs to work with, as a $50,000 investment from say the HRA levy or general fund might <br />mean Ramsey could make, say, $150,000 in loans. <br /> <br />Scott's number is 952-541-9674. I think you (maybe Sean) work with Mike Mulrooney too. He may have some <br />insight for you. <br /> <br />Hope that helps. Please let me know if you have any questions. <br />Regards <br />Marc <br /> <br />Marc Nevinski <br />Redevelopment Specialist <br />City of Coon Rapids <br />11155 Robinson Drive <br />Coon Rapids, MN 55433-3761 <br />Direct: 763.767.6451 <br />Fax: 763.767.6573 <br />Email: 0ev ir~ s._ki@_ci. _c _o_o. n-_ ra_.pi_d s,mn,.u S <br /> <br />>>> "Megan Wald" <mwald@ci.ramsey.mn.us> Tuesday, August 24, 2004 10:52:32 AM >>> <br />Hi Marc - I am Megan Wald from Ramsey and have a couple of questions I was wondering if you <br />would be able to help me. My phone number is below in the event the answers are too <br />long and detailed. <br /> <br />Our EDA asked us if other Cities have loans or grants or whatever (besides TIF - they are very <br />familiar with TIF) to offer to businesses to help with business start up costs or to help purchase <br />equipment or whatever the means may be. This might be a program that supplements a portion of <br />financing for a business that does not qualify for TIF. If this does not make sense at all I can try to <br />explain their discuss over the phone. <br /> <br />Any assistance would be greatly appreciated. <br /> <br />Thank you. <br /> <br />8/25/2004 <br /> <br /> <br />