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Growth Fund committee approves PACE loan for YMI Industries, authorizes Hive management RFQ; staff reports three past-due loans
Summary
The Growth Fund Committee approved a PACE (PACE/flex) loan request tied to Huntsville Properties and YMI Industries, authorized release of an RFQ for Hive management, and received an update on three past-due loans (Chino Latino, Integrity Fundraisers, Dog Mahal) that are working with SBDC.
At a Growth Fund Committee meeting on March 17 the committee voted to approve a local PACE-style flex loan to Huntsville Properties to support YMI Industries’ purchase and remodel of the former Home of Economy building in Grand Forks. Kevin Hatcher, business development manager for the Grand Forks EDC, presented the request and explained the local flex component would reduce the interest rate on a $784,000 note and leverage a Bank of North Dakota participation; the local loan request was $106,184 (note: transcript contains several overlapping numerals; staff report lists the local request as $106,184). The loan is secured by a corporate guarantee, a…
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