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EDA tables business loan; hesitant about apartment location | News, Sports, Jobs

cschuldt@nujournal.com
NEW ULM–The New Ulm Economic Development Authority (EDA) tabled a decision on a $50,000 loan to M&K Forestry & Land Management Services Tuesday, citing a need for more information.
M&K Forestry & Land Management is planning to start a new business and needs assistance with the down payment for a bank loan. The total loan package is $273,000 with loans from Bank Midwest and the EDA.
City Manager Chris Dalton said the $50,000 would help close a loan for equipment purchase. The equipment is currently on hold until the loan is approved.
M&K has two contracts pending once the equipment can be purchased. ....

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EDA OKs home improvement loan program | News, Sports, Jobs

cschuldt@nujournal.com
NEW ULM The New Ulm Economic Development Authority (EDA) voted Tuesday to establish a new rehab loan programs for single-family homes.
The loan program is called “The Get It Ready” program and provides loans with less-than-market rates to homeowners who have significant, necessary and expensive rehabilitation needs on their homes which may impact the home’s livability and attractiveness when selling.
The program using EDA funds intends to stimulate needed investments in homes that need additional work to “get it ready” for the market. Other programs of this variety are available in the region.
City Manager Chris Dalton said constructing new houses is not possible for new families and first-time homebuyers. He said this loan would help homeowners fix up the bones of a house. ....

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