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e <br /> Loan repayments are proposed as follows : <br /> Source Term Interest Rate Security <br /> Primary Lender 15 yrs Prime + 2 . 75% First Position <br /> (adjusted <br /> quarterly) <br /> EDA Loan 15 yrs Prime Second Real <br /> (adjusted Estate <br /> semi-annually) Mortgage - <br /> Commercial <br /> Real Estate <br /> Debt service for the office suite is outlined as follows : <br /> Annual <br /> Source Debt Service <br /> Primary Lender $ 9 ,000 . 00 (initially) <br /> EDA Loan $ 1,520 . 00 ( initially) <br /> $10,520 . 00 • <br /> COMPANY NARRATIVE <br /> Information on Water Laboratories is outlined in greater detail <br /> in a summary that is attached to the loan application. <br /> Briefly, Water Laboratories was formed in 1988 and incorporated <br /> in 1989 . The company is owned by Kevin J. Kloeppner. It is <br /> certified by the Minnesota Department of Health which enables <br /> it to perform safe drinking water standards of nitrates and <br /> chloroform bacteria tests. In addition to the safe drinking <br /> water standards, • the company also performs tests relative to <br /> new wells, and, services VA and FHA lenders by completing water <br /> tests prior to mortgage approvals . Fluoride testing is also <br /> done by Water Laboratories . <br /> Water Laboratories reported sales (including — management <br /> charges) of $115,533 in 1992 . Net income of $12,288 was also <br /> reported for that period. Through May 31, 1993, itreports <br /> revenues of $54,482 and net income of $2 , 352 . As of May 31, <br /> 1993, the company had total assets of approximately $31, 000 . <br /> Per the attached lender' s analysis, the projected cash flows <br /> for 1993 and 1994 are $29 , 900 and $31, 300 respectively. <br /> Company revenues are expected to grow 21 . 5% from 1992 to 1993; • <br /> and 10 . 4% from 1993 to 1994 . <br />