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Financial Impact <br />The balance of the Jobs Incentive Microloan Fund account is $224,100. The loan request of $200,000 is <br />proposed to be amortized over 7 years at 3 percent interest. Funds in this account continue to revolve <br />and payments are received regularly. <br /> <br />The EDA will receive security interest on two pieces of equipment taking first collateral position on <br />the Ziess Contura G2. This is a piece of inspection equipment with a fair market value of $100,000. <br /> <br />Orluck received confirmation that their Canadian lender Ibex will release their 2nd priority status on the <br />Okuma Genos M560V financed by the Bank of America. This piece of equipment has a fair market value <br />of $145,000 and EDA would have a second position on this collateral. <br /> <br />Attachments <br /> Joint Finance Committee Meeting Packet (June 26, 2018) <br /> Resolution <br /> Loan Documents <br />