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Ramsey. <br /> <br />Loan amount. There are maximum and minimum loan amounts for <br />eligible projects. <br /> <br />Maximum Ioan amount. The maximum loan available from the <br />revolving loan fund for each eligible project is limited to $300,000.00 <br />or 40% of tOtal project c°st~ whichever is less. <br /> <br />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 equal to the <br />10-year TreasUrY bond~rat~ at'the date of funding but shall not be less than <br /> <br />3.0%. <br /> <br />Term. The term of the loan will be tied to the Useful life of the assets <br />being financed. 'The following general terms apply: <br /> <br />Do <br /> <br />Machinery/equipment. The term of the loan for <br />machinerY/equipment shall not exceed 7 years. <br /> <br />Land/building acquisition. The term of the loan for land/building <br />shall not exceed 151 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. Ail balances will be due and payable if and when the <br />loan recipient Sells or otherwise transfers any or part or his/her <br />interest in the propertY°r fails to meet any of the guidelines <br />established within this document before the maturity date of the loan <br />or relocates any part or all of the business outside the City of <br />Ramsey. <br /> <br />Wage and job goals. <br /> <br /> 1. Wage and Job goals shall be established for all loans: in excess of <br /> $75,000. The wane and ]~b goals will be identified in the Loan <br /> Agreement between th,e City of Ramse¥ and the borrower. The loan <br /> <br /> <br />