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Economic Development ReVolving Loan Guidelines <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 />[II. <br /> <br />IV. <br /> <br />Authorization and Fun~ling Sources. <br /> <br />Chapter 469 of the Minnesota State Statutes, as amended, authorizes the City of <br />Ramsey to make loans to prospective private businesses. The revolving loan fund <br />was capitalized through funds made available by the City of Ramsey and the <br />Minnesota Department of Employment and Economic Development. <br /> <br />Mission. <br /> <br />The mission of the revolving loan fund is to increase the City's tax base, create <br />and retain permanent private sector jobs and improve economic opportunity and <br />living standards for the citizens of Ramsey by promoting local business <br />development and expansion, by attracting out-of-state business expansion, - <br />leveraging private sector funds, and assisting with the development of new <br />technologies. <br /> <br />?ro~ram Objective. <br /> <br />The objective of the revolving loan fund is to fill the financing gap between <br />project costs and private debt f'mancing and private equity by making direct low- <br />interest rate loans for certain approved activities to businesses within the Ramsey <br />city limits. <br /> <br />Eligible Activities. <br /> <br />mo <br /> <br />Loan funds may be used to assist small businesses primarily by providing <br />financial assistance for the following types of activities, including but not <br />limited to: growth and expansion, rehabilitation, code compliance, employee <br />recruitment and retention through housing initiatives, and facade <br />enhancement. <br /> <br /> <br />