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EDA approves $75,000 GAP loan to help NP Hometown Properties buy building and retain two businesses
Summary
The East Grand Forks EDA approved a $75,000 GAP loan and reduced the owner's equity requirement to 5% to help NP Hometown Properties purchase its building and retain two local businesses, following a loan-committee recommendation.
The East Grand Forks Economic Development Authority on Wednesday approved a $75,000 GAP loan to NP Hometown Properties to help purchase the building the company occupies and retain two local businesses.
Staff presented the loan request and said the loan committee recommended approval. A representative said the project will require a reduced owner's-equity injection for this deal; the board approved an owner-equity requirement of 5% (reduced from 10%) so the applicant would need a smaller down payment.
Applicants Paige Kinta and Mark Jana were present to answer questions. The board asked standard financial and project-viability questions; the loan committee confirmed it had vetted the proposal and recommended approval.
A motion to approve the GAP loan was made, seconded and approved in a roll-call vote.
Board members wished the applicants well and closed the item without additional conditions beyond the usual loan documentation and committee terms.
