The Elk River Economic Development Authority approved on April 19 a COVID-19 Small Business Emergency microloan application for Azitala Yoga for $5,000.
The Elk River business proposes to use the money for property tax relief after being closed through executive orders in 2020 and 2021.
The EDA allocated funding up to $200,000 for this program from the general microloan fund account. Currently, the total forgivable loans disbursed for this program are $113,374, leaving an available balance of $86,626. The microloan fund balance is about $829,000.