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<br />The company plans on financing this business internally through Harber Industries, but will also <br />be securing outside financing with an SBA guaranteed loan through a lender. The company has <br />also asked what the EDA might be able to do through the Revolving Loan Fund; they will be <br />looking for approximately $300,000, mainly for equipment purchases. Mr. Mulrooney indicated <br />he has briefly reviewed this request; he sees the potential of financing a piece of equipment, <br />likely in the range of $30,000 to $35,000; the balance of the financing would be with a bank. <br />Mr. Mulrooney indicated he was not able to discuss this.request with Mr. Sullivan, as he met <br />with the company late yesterday. He informed the company he would bring the request to the <br />EDA for discussion. <br /> <br />Consensus of the EDA was to include a case regarding the request for a loan from the Revolving <br />Loan Fund from Harber Imiustries on the agenda of the next EDA meeting. <br /> <br />Economic Development Coordinator Sullivan indicated the next meeting will be held at the new <br />Municipal Center. <br /> <br />ADJOURN <br /> <br />Motion by Member Steffen, seconded by Member Strommen, to adjourn the meeting. <br /> <br />Motion carried. V oting Yes: Chairperson Riley, Members Steffen, Strommen, Kiefer, and <br />LeTourneau. Voting No: None. Absent Members Elvig and Schindel. <br /> <br />The regular meeting of the Economic Development Authority adjourned at 8:24 a.m. <br /> <br />Respectfully submitted, <br /> <br />Sean Sullivan <br />Economic Development Coordinator <br /> <br />ATTEST: <br /> <br />loAnn Shaw <br />Community Development Secretary <br /> <br />Draft by Carol Hamer <br />TimeSaver Off Site Secretarial, Inc. <br /> <br />Economic Development Authority/October 19, 2006 <br />Page 7 of7 <br /> <br />7 <br />