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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />institution is required to provide SO percent of the project <br />financing. The remaining 10 percent of the project costs are <br />financed (in the form of equity) by the company requesting finan- <br />cial assistance. <br /> <br />The term of the lenders commitment must be at least 10 <br />years, issued at market rates determined by the lending institu- <br />tion. The term of the financing provided by the SBA 503 Loan <br />Program cannot exceed 25 years and is at a fixed rate which <br />varies from 1/4 to 3/4 percent above U.S. Treasury bond rates. A <br />guideline has been established by the SBA of one job created or <br />retained for each $15,000 of 503 financing provided. <br /> <br />Eligible business include for-profit corporations, part- <br />nerships or proprietorships, whose net worth do not exceed $6 <br />million and whose profits after taxes have averaged less than $2 <br />million for two years. <br /> <br />Financing is not available for non-profit organizations, <br />print media, lending institutions, gambling and recreational <br />facilities not open to the public, and investment real estate <br />companies. <br /> <br />Reasons For Expanding Coon Rapids Development Company Service Territory <br /> <br />1. Improved level of service and convenience for businesses <br />in Anoka County. At the present time, Anoka County businesses <br />not located in Coon Rapids may gain access to the SBA 503 Loan <br />Program by sUbmitting their loan request to Opportunities <br />Minnesota Incorporated, the state development company. Under the <br />-3- <br />