Roseville Forgivable Loan Application

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Disclosures

The Roseville Economic Development Authority (REDA) is providing forgivable loans up to $5,000 for small businesses with 5 or fewer full-time equivalent employees to assist the business with making capital improvements. Applications are on a first-come, first-served basis. Loans would be given to businesses to fund capital improvements that foster business growth and business expansions, help redevelop and improve aging commercial properties, and help create and retain jobs in the City of Roseville.

Program Parameters

Loan funds are only to be used for capital improvements. Eligible capital improvements include, but are not limited to: repair, renovation and rehabilitation of buildings, building code corrections, and façade improvements.

To be eligible for a small business micro-loan, a business must meet all of the following criteria:

Employ no more than 5 full-time equivalent employees (including the business owner).
Have a brick-and-mortar presence in Roseville. Home-based businesses are not eligible for funds, unless the funds are proposed to be used towards expansion into a brick-and-mortar location in Roseville.
The business must use the micro-loan proceeds in connection with an expansion of the business' operations that results in an increase of employees or be able to demonstrate that the funds are necessary to help prevent job loss.

Loan Structure

Micro-loans would be forgiven if the business remains open in the City of Roseville for a period of 3 months.
At the end of 3 months, the business must provide a statement describing how the assistance helped to expand the business, increase the number of employees, or retain employees.
Micro-loan proceeds would be disbursed directly to the contractor who completed the capital improvements following receipt of a final invoice.
Micro-loan recipients would enter into a forgivable loan agreement with and deliver a promissory note to the REDA. Micro-loan proceeds must be disbursed within 6 months of execution of the loan agreement.

Application Requirements

Basic details about the business (who, what, where).
Must be able to demonstrate the business has been in business for at least one year.
Description of capital improvements to be funded.
A statement of need, including whether access to traditional funding has been explored, and if yes, why traditional funding was not pursued for the intended use of the micro-loan.
A summary of the business' monthly revenues & expenditures for the last 1-2 years.
An explanation of how the micro-loan will help the business remain and expand in the City of Roseville and/or create or retain jobs.

Businesses Not Eligible

The following businesses are not eligible:

Business that do not have a physical address within the City of Roseville
Non-profit organizations
Businesses with annual gross revenues greater than $1 million
Chain retail
Businesses that derive income from passive investments without operational ties to operational businesses
Businesses that engage in sexually explicit goods/services
Businesses that engage in gambling enterprises
Businesses that engage in activities prohibited by law
Businesses that earn revenue from pyramid schemes, lending services and/or day trading/short term investments
Businesses that are not in compliance with all state and local laws and regulations pertaining to licensing, building codes, zoning, and environmental requirements.
Businesses that have delinquent taxes, bills, fines or other charges due to the city.

REDA reserves the right to approve or reject any application on a case-by-case basis, taking into consideration factors considered appropriate by REDA, in addition to established policies, criteria, and potential benefits. Meeting the criteria does not guarantee an application will be approved. Approval or denial of an application is at the sole discretion of REDA.

Applicant Information

First Name:

Last Name:

Primary Phone Number:

Secondary Phone Number:

Email:

Gender:

Ethnicity:

What is the highest education level you have completed?

Business Information

Business Legal Name:

If sole proprietor, the business legal name is the applicant's first and last name.

Business Operating Name:

Business Address:

City

State:

Zip Code:

Describe type of business and the products/services that you provide:

How many full-time workers do you have, including yourself?

How many part-time workers do you have?

Date business opened in the City of Roseville?

Date that you made your first sale.

What was the business' total gross revenue in 2022?

Total gross revenue as in total sales for 2022, not net income.

Please provide the following documents: current payroll report, 2022 business tax return, receipt or invoice showing that the business is currently in operation.

2022 Business Tax Return:

Current Payroll Report:

Receipt or Invoice:

Other Supporting Documents:

Description of Loan Request

What is the estimated total project cost?

Loan amount requested:

The maximum loan amount that can be requested is $5,000.

How much cash will you or have you put into this project?

For what purpose will you use the forgivable loan? State your need. How exactly will the money be used?

Has your business sought other traditional bank loans? If yes, why weren't funding sources used?

Will the funds be used to expand the business operations that will result in an increase of employees? If so, how many employees will be added?

If no new jobs will be created, how will the funds otherwise help your business retain employees? How many employees will be retained due to the funds provided? What circumstances have led to your possible reduction in staffing in the last year and how will these funds help address this issue?

You will not be disqualified if you do not create any jobs but at a minimum, we would like to see the business retain the same number of jobs already created.

What is your goal, and how will this loan help you retain the business or achieve business growth/job creation?

What is your time frame for completing the project related to this forgivable loan?

Disclosures

The data provided on this form will be used by the REDA to evaluate an application for financial assistance. I understand that this data may be subject to disclosure in accordance with the Minnesota Government Data Practices Act, Minnesota Statutes, chapter 13. You are not required to provide the information requested in this application, but the Roseville Economic Development Authority (REDA) will not process an application without all requested information.

I hereby affirm that all the information above and information and document provided in connection with this application are true and accurate to the best of my knowledge. I have read and fully agree to be bound by the Forgivable Micro-Loan Guidelines. By submitting this application, I acknowledge that I have read and agree to the disclosures herein.

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E-Signature

After submitting your form, you will receive an email that looks like this:

Dear ____,

You recently submitted a signed response to the "Roseville Forgivable Loan Application". You must confirm that you received this verification email before the signed response can be finalized. Your email address can later be used to retrieve the response whenever you may need it.

To finalize your signed response, please click on the URL which will be provided in the email to complete your e-signature. Please check your spam folder if you don't see it right away.

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