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Two-percent Revolving <br /> Loan Fund Program <br /> (2% RLF) <br /> • <br /> "...to provide an incentive to small business owners to upgrade their <br /> place of business or to purchase production equipment." <br /> Who's Eligible: Individual business Current Budget $900,000 <br /> owners, partnerships, and corporations <br /> that have the ability to repay the loan and <br /> are an acceptable credit risk <br /> • Application Procedure: Contact the Estimated Annual Production: <br /> MCDA Business Finance Department to 40 loans per year <br /> request an application and program <br /> guidelines. <br /> Contact Person: Susan Thompson, 673-5177, Business Finance Department <br /> Program Summary: The 2% RLF is a partnership between the MCDA and local banks <br /> to provide financial assistance to Minneapolis small businesses for exterior and interior <br /> improvements and-the purchase of production equipment. The program provides a <br /> dollar-for-dollar matching loan up to a maximum of$30,000 at an interest rate of 2%. <br /> Local banks provide matching funds of at least an equal amount at the current ent Interest <br /> rate (which cannot exceed 2% over the prime rate of interest). The maximum term of <br /> the loan is 10 years. <br /> • <br /> - 41 - <br />