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Council approves conditional commercial loan application for local business
Summary
Council approved forwarding a commercial loan application for Momoyo Otoo for committee review and contingent funding: $45,000 over five years at 3% interest, subject to final approval by the commercial loan committee.
Lock Haven City Council approved a motion to forward and provisionally approve a commercial loan application for Momoyo Otoo, contingent on final review and approval by the city’s commercial loan committee.
City staff reported the applicant requested $45,000 to be used for working capital and equipment, with a proposed five‑year term at a 3% interest rate. Staff said the commercial loan committee would review collateral and other underwriting details at its upcoming meeting on July 24, and the city’s vote at the council meeting was to allow the application to proceed to that committee so funding could be completed before the end of the month if the committee approved the loan.
Council members voted to forward the application with the contingency that the commercial loan committee complete its review and approve the loan. The motion carried by roll call as recorded in the meeting transcript; the vote record in the transcript shows affirmative responses from multiple council members.
