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#2 <br />¨³¸ ®¥  ¬²¤¸ <br />%¢®­®¬¨¢ $¤µ¤«®¯¬¤­³ <br />0±®©¤¢³ &¨­ ­¢¨­¦ 4®®«² <br /> <br /> <br /> <br /> <br /> <br />RAMSEY REVOLVING LOAN FUND (RLF) <br /> <br />This program works by providing below market gap financing to new and expanding businesses. The <br />Ramsey Revolving Loan Fund (a.k.a. Growth Fund) is designed to work with other forms of financing <br />available in the marketplace. Key elements of the Ramsey Revolving Loan Fund include the following: <br /> <br />PROGRAM PURPOSE: <br />To create new and retain the highest quality jobs possible with a focus on industrial and <br />technology related companies; to increase the local tax base and improve the economic vitality <br />for all Ramsey residents. <br /> <br />ELIGIBILITY: <br />Business and industries excluding passive investment and real estate development projects. <br />Loans for fixed assets including land, buildings, machinery, equipment and leasehold <br />improvements. <br /> <br />MINIMUM REQUIREMENTS: <br />All projects must have a private financing match. Owner equity must be 10% or greater. Wage <br />and job goals must be established for projects receiving financing in the amount of $25,000 or <br />more. <br /> <br />MAXIMUM AVAILABLE: <br />$250,000 lending limit to any borrower unless expanded by the EDA. Realistically, the fund is <br />limited to its fund balance at any given time. <br /> <br />OTHER FUNDS REQUIRED: <br />At least 50% of total project costs must be privately financed through owner equity and other <br />lending sources. Most applications approved for funding have at least 70% private financing. <br /> <br />INTEREST RATE & TERMS: <br />Negotiated rate. Real estate a maximum of 15 years; machinery and equipment a maximum of <br />10 years. <br /> <br />COLLATERAL REQUIREMENTS: <br />Negotiated. Personal guarantees may be required. <br /> <br />APPLICATIONS ACCEPTED: <br />On a year-round basis using the Ramsey Growth Fund application. <br /> <br />APPROVAL: <br />30 to 60 days from receipt of all information required for a complete application. Reviewed and <br />approved by the Ramsey Economic Development Authority; and the Ramsey City Council. <br /> <br /> <br />