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Jamestown LDC moves loan to second position to let local party-supply business refinance
Summary
The Jamestown Local Development Corporation approved changing its loan lien position for a local party-supply business so the company can refinance a higher‑rate bank loan, freeing cash for expansion and hiring.
The Jamestown Local Development Corporation on an administrative motion agreed to move its existing loan on a downtown warehouse to a second lien position so the borrower can refinance a higher‑interest bank loan and take cash out to expand operations.
The decision lets the business — identified at the meeting as Fire Guys LLC — take a new first mortgage with Northwest Bank and use the proceeds to pay off a 10.5% commercial…
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