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County reports loan fund activity: Natural Fiber Welding draws credit line, Harvest Supermarket pending
Summary
Staff told the board the county economic development loan fund has one active loan to Natural Fiber Welding (a $3 million line of credit with roughly $1 million drawn and a pending $500,000 draw) and one pending loan to Harvest Supermarket; the fund balance was $8.9 million as of March 31 and payments are current.
Peoria County staff updated the board on activity in the county's economic development loan fund and confirmed a plan to report semiannually unless material changes occur.
Julie, the author of the communication included in the packet, and Heather from the finance team said the county currently has one loan outstanding to Natural Fiber Welding structured as a $3 million line of credit. "They have a million little over a million dollars out," Heather said, adding the company has submitted a request for an additional draw of just over $500,000 and staff are working to distribute those funds once documentation is finalized.
A second loan application, for Harvest Supermarket, remains pending because documentation has not been completed, the staff update said. The loan fund balance was $8.9 million as of March 31, and staff reported that all loan payments so far have been made on time; current payments are interest-only.
Board members agreed to a reporting cadence of about twice a year tied to loan payment schedules, with the caveat that staff will produce an interim update if there is a significant draw or other material change. Member Ricker asked for more frequent reporting if a new draw comes in before the next six-month cycle.
The informational item was moved to "receive and file" for the record; no new loan approvals or funding transfers were voted on at the meeting.
