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Revolving loan fund reports no recent donations and multiple loans outstanding
Summary
The state’s Revolving Loan report showed no donations in the recent period, $36,092.96 on hand after loans and payments, many loans paid off but several recent loans remain active, and leadership urged use of reserves or loans from houses to open new houses.
The Revolving Loan report recorded a previous total of $59,442.96, zero donations in the recent reporting period, loan payments of $2,150 and new loans of $25,500, leaving a total of $36,092.96. The report listed multiple loans issued in prior years (many marked paid off) and several recent loans that remain outstanding, including Tomahawk ($6,000 on 11/24/24) and three $6,500 stabilization loans in December 2024.
Total raised to date was listed as $195,902.92, with total donations to date $73,602.92 and loan payments to date $122,300. The minutes record concerns that no donations had been received for months and that, if FORA does not identify funding for new houses, the state may need to use revolving funds or encourage houses with reserves to loan money to new openings. The report was accepted (MSP).
