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Board approves $200,000 assistance to Portland Fish Exchange to close line of credit
Summary
The board approved a $200,000 payment to retire a line of credit used by the Portland Fish Exchange and discussed creating a cash reserve to avoid future interest costs; members requested detailed financial statements for future decisions.
The board voted to provide $200,000 in financial assistance to the Portland Fish Exchange (PFE) to pay down an existing line of credit used to cover operating shortfalls. Robert Van Meter (Fish Exchange general manager) described a December revenue shortfall and said the exchange had drawn $200,000 of a $250,000 line of credit and had under $1,000 in checking when he raised the request. "We had less than a thousand dollars in our checking account," he said, explaining receivables and timing had contributed to the cash crunch.
Board members pressed for more documentation before…
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