Laserfiche WebLink
• Parking Lot Improvements, including lighting, landscaping, and blacktop <br />• Almost all fixed improvements including the repair and /or decoration of <br />walls, ceilings, floors, lighting, windows, doors, entrances, electrical, <br />plumbing, mechanical, air conditioning, architectural change, energy <br />improvements, etc. <br />F. Ineligible Costs <br />The following costs are ineligible: <br />• Refinancing of existing debts <br />• Non -fixed improvements <br />• Working capital <br />• Inventory <br />• Sweat Equity (payment for the applicant's own labor and performance for <br />construction or improvements). <br />G. Improvements Completed Prior to Loan Closing <br />Such improvements are eligible if the following steps have been taken: <br />• Applicant must have already filled out a loan application with EDA prior to <br />the work proceeding. <br />• Applicant must have a commitment letter from his /her Bank and the EDA <br />confirming their financing and approval of the project. <br />• Final bids will be required to assess the total EDA portion of the loan. <br />Closing will not be set up until final bids have been received. <br />• Applicant must agree to include all Health and Safety items in work to be <br />done. <br />If the above conditions have been met, the applicant may proceed using their own <br />funds or interim financing from a bank. However, this is done at the applicant's <br />and/or bank's own risk until the total scope of work has been approved by the EDA <br />and the loan has been closed. <br />H. Priority of Projects <br />In the event requests for BRLF funds exceed the amount that is available, first <br />priority shall be given to industrial or manufacturing uses. Second priority shall be <br />given to research, technology, or clinical uses. Third priority shall be given to all <br />other types of uses. In all of the priority categories, start up or expanding businesses <br />locating in existing vacant commercial/industrial space in the City of Columbia <br />Heights shall be funded prior to those not new or expanding. <br />4. NATURE OF LOANS <br />The Business Revolving Loan Fund may provide up to $25,000 per loan, provided that <br />the loan recipient meets eligibility requirements and the fund amount is matched or <br />exceeded by a participating lender. Interest on the portion of the loan borrowed from the <br />fund shall be at an annual rate of two percent (2 %) and on the fixed or variable rate loan <br />portion borrowed from the participating lender (to be at least 50% of total loaned to <br />-4- <br />