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Growth Fund committee modifies accelerate loans, extends deadlines for startup Thread and eases repayment for SafetySpec
Summary
The committee approved a set of accelerate-program actions: an extension tied to Thread's Series B financing, a 12-month amortization in place of a balloon for SafetySpec, declared default and collection actions for Taylor Ree, and a restructured repayment plan for Integrity Fundraisers.
The Grand Forks Growth Fund Committee approved several actions under its high-risk "Accelerate" and CARES Act-supported loan programs, moving to give time for two startups to finish financing rounds, restructuring repayment for one company and beginning collection steps for a defaulted borrower.
The committee voted to amend the maturity schedule for Thread (a local tech start-up) to allow the company's Series B round to close. Under staff and Bank of North Dakota (BND) recommendations, the committee approved moving the loan’s maturity from July to a later date and increasing the printed interest rate for calculation to prime (7.5%) while preserving the company’s 2% payments during the interim; the interest…
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