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Grand Forks Jobs Development approves $250,000 accelerate loan to First-i after two months of discussion


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
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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. ....

Meredith Richards , Forks Growth Fund , Corporate Center , Community Development , Development Director Meredith Richards , Demers Avenue , Grand Forks , மெரிடித் ரிச்சர்ட்ஸ் , முட்கரண்டி வளர்ச்சி நிதி , பெருநிறுவன மையம் , சமூக வளர்ச்சி , வளர்ச்சி இயக்குனர் மெரிடித் ரிச்சர்ட்ஸ் , டெமர்கள் அவென்யூ , மாபெரும் முட்கரண்டி ,