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Financing Approved Through 4th Quarter 2017: <br />Approved Loan Direct - <br />Business Type: Hotel <br />Location: Coon Rapids Business/3 partners residing in Blaine and Rosemount <br />Referred by: Bank <br />OTB Financing: $142,000 GAP Financing <br />Other Financing: $2.824 M - Bank and Owner Equity <br />Employment: NA <br />Overview: The business owner is purchasing and renovating a hotel in Coon Rapids. MCCD has provided <br />financing for this owner in the past, and is familiar with his holdings. The group of owners will purchase the <br />property and make franchise required improvements to the building. <br />Approved Loan Direct - <br />Business Type: Sheet Metal Fabrication <br />Location: Minneapolis Business/Fridley Resident <br />Referred by: NDC Minneapolis (Neighborhood Development Center) <br />OTB Financing: $40,000 <br />Other Financing: NA <br />Employment: NA <br />Overview: Business owner is a sheet metal fabricator specializing in building custom gutters and cap flashing <br />for construction/roofing companies. The owner does most of the work himself, but may hire temp employees <br />when needed. The business has a cyclical/seasonal working capital need and is using a high interest rate <br />loan to cover operating expenses during the slow season. Business lacks sufficient cash or working capital, <br />MCCD provided a lower interest rate loan to pay off high interest debt and ensure adequate working capital. <br />Approved Loan Direct - <br />Business Type: Convenience Store <br />Location: Minneapolis Business/Coon Rapids Resident <br />Referred by: Bank <br />OTB Financing: $30,000 <br />Other Financing: $30,000 Minneapolis CPED, $271,250 Bank, $50,000 Equity <br />Employment: NA <br />Overview: Business is a convenience store operating in north Minneapolis. Owner of convenience store is <br />purchasing the building that houses the convenience store business. The bank wanted MCCD to provide <br />subordinate financing of $60,000. MCCD was able to split the loan amount with Minneapolis CPED to provide <br />lower interest rates, and help the business purchase its new building. The banker expected the appraised value <br />would not be sufficient and the MCCD/CPED loan will be needed to fill a collateral gap. <br />