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Committee reviews loan program figures and postpones annual loan-program analysis to October
Summary
MRRPC reported the loan fund balance at $412,481.58 with $171,775 allocated to loans awaiting closing; committee postponed the annual loan-program analysis to October because staff and one key MRRPC representative were not available to review materials.
The Vernon County Economic Development Committee received a loan-program report and voted to postpone its annual loan-program analysis to the Oct. 3 meeting.
Sarah Ofte of the Mississippi River Regional Planning Commission told the committee the loan fund balance is $412,481.58, with $171,775 in loans allocated but awaiting closing and total outstanding loans of $522,246.42. She said no loans had been paid off since the last meeting and that there were no new applicants expressing interest; all payments had been received except for one outstanding payment from a borrower named Borgen, and MRRPC is working with that borrower.
Because Jon Bingol (MRRPC) was absent and committee members had not yet had an opportunity to review the loan manual and application materials, Amy Oliver recommended postponing the agenda item. David Strudthoff moved to postpone the annual loan-program analysis to October; Nathaniel Slack seconded the motion and the committee approved it unanimously.
The postponement gives committee members time to review the loan manual and provides an opportunity for MRRPC staff to be present for the discussion. The committee will revisit the loan-program annual analysis at the Oct. 3 meeting.
