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Mississippi Valley Metals approved for $186,390 loan to buy mobile fabrication trailer
Summary
The board approved a $186,390 revolving loan to Mississippi Valley Metals LLC for equipment to fabricate steel on-site (7-year loan at 5% with 10% borrower down payment); transfer/disbursement paperwork will be completed after budget amendments.
ECIA and the board reviewed a revolving-loan request from Mississippi Valley Metals LLC to finance a mobile fabrication trailer that would allow on-site steel fabrication. The committee recommended approval, noting the borrower would put 10% down and that collateral would be the equipment plus personal guarantees from the owners.
Supervisors approved a $186,390 loan for seven years at 5% interest with the borrower contributing $20,007.10 (10% of the project). Board discussion included ensuring equipment valuation and collateral are sufficient and that transfer agreements and disbursement timing align with the county's budget-amendment schedule; staff confirmed loans will not close until after May 5 budget actions.
