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. Term of Loans: <br /> 121 Flexible terms dependent upon use of loan funds. Term not to exceed 10 years. <br /> Q Loan is non-assumable <br /> Q Maximum loan $25,000 - $50,000 (lower amount of loan adds diversity to the <br /> program - can issue more loans therefore spreading out credit risk.) <br /> Q Minimum loan $ 10,000 (need to have a loan enough to make worthwhile to cover <br /> administrative costs) <br /> Interest <br /> Rate: <br /> © City participates at 50% of the total loan a below market rate <br /> How to Apply: <br /> Q Call the City of Mounds View, Economic Development Coordinator for application at <br /> 784-3055. <br /> All applications must be approved by participating bank and City of Mounds View's <br /> Economic Development Authority and will require review of financial statements. <br /> • <br />• <br />