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EDA loan portfolio updated; $200,000 commitment to Kickass Beef Jerky expected to close before summer
Summary
The EDA reported a loan account balance of $599,626.30 and an outstanding $200,000 commitment to Kickass Beef Jerky; with all current loans the portfolio totals about $986,000 and would approach $1.2 million when Kickass closes, leaving roughly $400,000 available for future loans.
Staff reported the EDA's loan account balance at $599,626.30, with an additional $200,000 currently committed to Kickass Beef Jerky pending closing. The EDA has about $986,000 in loans outstanding in the community; with the Kickass loan closing the total would increase to roughly $1.2 million and leave just over $400,000 available for future lending.
Trisha Hess said Kickass Beef Jerky expects to open on June 27, 2026, and that the business group may request additional lender funds to add a liquor store and to occupy an existing larger warehouse rather than build a new facility. Board members noted that the Kickass loan had not yet closed but was expected in spring or early summer.
Board members discussed loan committee composition and the continued outreach to banks and community members to use revolving loan fund (RLF) dollars. Two borrowers previously marked as delinquent due to a payment interruption were verified as current (Christina Berg and Gavin at Heirloom Bistro), and staff will continue verifying the other accounts.
The board encouraged proactive use of the remaining RLF funds and signaled support for circulating loan applications to local lenders and prospective borrowers to leverage additional private investment.
