Grand Forks Jobs Development approves $250,000 accelerate loan to First-i after two months of discussion First-i’s accelerate loan is a convertible note at a 20% discount, and a minimum 10% owner equity requirement for the was agreed on during the July 12 Grand Forks Growth Fund meeting, as well as a maximum loan of $250,000 with no payments or interest for the first three years, then two years of 2% interest, also with no payments, and then a balloon payment after the first five years. Written By: Jacob Holley | × Grand Forks City Hall, 255 N. 4th St. Sam Easter / Grand Forks Herald The Grand Forks JDA rubber stamped three items on Monday; one of which was an accelerate loan request First-i – a Grand Forks-based drone company – that has been in the works for months.