MONROE - The City of Monroe Revolving Loan Committee approved two loans during a meeting Wednesday. The committee approved an application for:
• $50,000 from Fair Play Packaging, LLC/KNH Properties, LLC, for a cheese processing and packaging business at 466 17th Ave. The loan, on a personal guarantee, is with 5 percent interest, with six months repayment on interest only and principal and interest payments starting the seventh month. All equipment is used for collateral, with the city and county sharing a prorated secondary collateral. The business is required to create 2.5 full-time-equivalent jobs starting Jan. 1, 2009.
• $80,000 from Community Living Home Options, LLC, to expand the business to 215 Third St. The loan, on a personal guarantee, is with 5 percent interest, with six months repayment on interest only and principal and interest starting the seventh month. Applicant is to submit a personal financial statement, listing equipment which will be used as collateral. The loan has a 12-year term with a 20-year amortization. The city has a first lien on the equipment and a second on the real estate. The business is required to create four full-time-equivalent jobs starting October 2009.
The committee also accepted a substitution of collateral, exchanging one residence for another, on a current revolving loan with Jenson Chiropractic, SC.
• $50,000 from Fair Play Packaging, LLC/KNH Properties, LLC, for a cheese processing and packaging business at 466 17th Ave. The loan, on a personal guarantee, is with 5 percent interest, with six months repayment on interest only and principal and interest payments starting the seventh month. All equipment is used for collateral, with the city and county sharing a prorated secondary collateral. The business is required to create 2.5 full-time-equivalent jobs starting Jan. 1, 2009.
• $80,000 from Community Living Home Options, LLC, to expand the business to 215 Third St. The loan, on a personal guarantee, is with 5 percent interest, with six months repayment on interest only and principal and interest starting the seventh month. Applicant is to submit a personal financial statement, listing equipment which will be used as collateral. The loan has a 12-year term with a 20-year amortization. The city has a first lien on the equipment and a second on the real estate. The business is required to create four full-time-equivalent jobs starting October 2009.
The committee also accepted a substitution of collateral, exchanging one residence for another, on a current revolving loan with Jenson Chiropractic, SC.