EDA hears update on Nordic Bruin loan request; Initiative Foundation may split underwriting
Staff reported progress on a loan request from Nordic Bruin to use funds from the Greater Monticello Enterprise Fund, including site-control progress and plans for third-party underwriting; the Initiative Foundation indicated willingness to split the underwriting cost and possibly split the loan request, though transcript numbers were unclear.
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EDA staff provided an update on a loan request from Nordic Bruin that would use the Greater Monticello Enterprise Fund loan program. Staff said the applicant is working on site control, has not yet delivered full financial documents, and will use a third-party underwriter whose fee the applicant will pay. The Initiative Foundation has indicated willingness to split the underwriting or loan exposure with the EDA.
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