MONROE - At a meeting Tuesday, the City of Monroe Revolving Loan Fund Committee:
• Approved commercial debt modification agreements for loans to Barrett and Lisa Allman (Barrett's Brick Cafe) and to Hans Wampfler and Julie Stratman (CPP Computers). The modifications provide for interest only payments for an undisclosed amount of time. The loans' terms, interest rates, maturity dates and repayment amounts did not change. The modifications were requested because of decreased cash flow at the businesses in recent months.
• Approved a commercial debt modification agreement for loan to Doreen and Michael Martin (Monroe Floral Shop, LLC). The loan, currently at $15,150, had become past due. The modifications lower repayment amounts and extend the maturity date of loan repayment by 14 months. The interest rate remains the same.
• Discussed the status of the Revolving Loan Fund program. The program's balance stands at $524,744.89. Interest rates over the past 17 years have varied between 4 and 5 percent.
Of the 42 applications submitted since July 1993, the committee has approved 37, totaling $2.1 million dollars. Nineteen loans, worth $1.3 million, have been repaid. Seventeen current outstanding loans are valued at $814,319. One loan at $15,150, is past due.
- Tere Dunlap
• Approved commercial debt modification agreements for loans to Barrett and Lisa Allman (Barrett's Brick Cafe) and to Hans Wampfler and Julie Stratman (CPP Computers). The modifications provide for interest only payments for an undisclosed amount of time. The loans' terms, interest rates, maturity dates and repayment amounts did not change. The modifications were requested because of decreased cash flow at the businesses in recent months.
• Approved a commercial debt modification agreement for loan to Doreen and Michael Martin (Monroe Floral Shop, LLC). The loan, currently at $15,150, had become past due. The modifications lower repayment amounts and extend the maturity date of loan repayment by 14 months. The interest rate remains the same.
• Discussed the status of the Revolving Loan Fund program. The program's balance stands at $524,744.89. Interest rates over the past 17 years have varied between 4 and 5 percent.
Of the 42 applications submitted since July 1993, the committee has approved 37, totaling $2.1 million dollars. Nineteen loans, worth $1.3 million, have been repaid. Seventeen current outstanding loans are valued at $814,319. One loan at $15,150, is past due.
- Tere Dunlap