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Restaurant owner seeks $50,000 EDA loan; board raises collateral and monitoring concerns
Summary
Crazing Bridal LLC requested a $50,000 low‑interest loan from the EDA for equipment and operations; board members discussed terms, collateral and performance reporting and asked staff to continue discussions rather than take immediate action.
Crazing Bridal LLC requested a $50,000 loan from the Grayson County Economic Development Authority, proposing a low interest rate and multi‑year payback with an initial payment deferral. The company’s written request, summarized in the meeting, asked for a 3% interest rate, a seven‑year term and a six‑month delay on initial payments, with a conditional provision to consider…
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