7.6. EDSR 10-19-2020 City of
Elk �-- Request for Action
River
To Item Number
Economic Development Authori 7.6
Agenda Section Meeting Date Prepared by
General Business October 19, 2020 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
COVID Emergency Loan Program and Sherburne Cal Portner, City Administrator
County Business Relief Fund Update Reviewed by
Action Requested
Receive an update on the COVID Emergency Loan Program and Sherburne County Business Relief
Fund.
Background/Discussion
As we get closer to the CARES Act Funding program deadlines, staff has been in contact with our Finance
Director and the Sherburne County Assistant County Administrator for updates on the city's COVID
Emergency Relief Fund and the county's Business Relief Program funded through their CARES Act funding.
As of 10-16-2020 the city's COVID Emergency Loan Program distributed$97,374 of the $200,000 the EDA
allocated to this program. No new applications have been received as of October 16, 2020.
Sherburne County continues to process requests. They have processed 23 Elk River business requests as of
October 2nd for grants between $12,500 and $30,000. Assistant County Administrator Weber indicated they are
nearing their original fund designation of$2.3 million but the Board has stated they will support additional
funds. Mr. Weber asked us to continue to direct businesses to their website.
Financial Impact
N/A
Mission/Policy/Goal
The COVID-19 Small Business Emergency Microloan Program was created to assist area businesses with the
expenses incurred and specifically caused by the impact of the Governor's Emergency Executive orders.
Attachments
■ N/A
The Elk River Vision
A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r
service, and community engagement that encourages and inspires prosperity ,g /` UR