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5) Ramsey County Business Loan Program The Ramsey County Business Loan Program provides gap financing that can be used in conjunction with other private and public funds. Who can apply: In general, loans are restricted to commercial, industrial, or service oriented businesses located in or moving to Ramsey County. In addition, businesses must be registered to do business in the State of Minnesota and demonstrate a need for public financing. How does the program work: Loans are typically made for the purchase of capital equipment, land and building acquisition, and building rehabilitation or new construction. Application fees are low, and rates and terms are more flexible than the market. Loans of up to $250,000 are provided. To request an application, or to obtain more information, you can contact Denise Beigbeder at the Ramsey County Community and Economic Development office at 651-266-8005. 6) State of Minnesota Business Financing Programs The Department of Employment and Economic Development encourages the creation of high quality jobs through business growth, expansion and retention. Business Development Services help companies expand or relocate in Minnesota, find and train employees, promote international trade, and finance business expansions. The most likely funding program applicable to Mounds View • businesses would be the Minnesota Investment Fund (MIF). It's designed for businesses acquiring "fixed assets" (such as equipment, buildings, and land) and adding new employees as a result. This program provides companies below- market financing. Virtually all types of businesses are eligible, except retail. The maximum award is $500,000. The applicant is the city. Terms are negotiated. 7) Small Business Administration Loan Programs — SBA 504 Loan /7a Loan The U.S. Small Business Administration provides a wide array of programs to help small businesses, including financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities, and veterans. The SBA 504 Loan program provides fixed-rate, long-term financing for land, buildings and manufacturing equipment or machinery. SBA 504 Loans feature a 10 to 20 amortization, fixed-loan payments, below market interest rates, and a low downpayment. The deal structure is 50% bank loan (1St position), 40% SBA 504 (2nd position), and 10% equity injection. (A new business and a special-purposed building require 20% equity injection.) The program's minimum and maximum loan amounts are $50,000 and $750,000 respectively. How does the program work: Businesses should contact the certified development company authorized by SBA • to originate and service SBA 504 loans in their geographic area. SPEDCO is a non-profit certified development company located in New Brighton whose mission