Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board November 16, 2021 PUBLIC MEETING BOARD MEMBERS STAFF MEMBERS 9:45 a.m. Aaron Reger, First Merchants Karen Soetenga, RLF Staff Via Zoom Conferencing Trent Dowling, Star Financial Mike Austin, RLF Attorney Adam Hoeksema, Bankable Greg Winkler, Economic Development Doug Whitham, Controller’s office OTHERS PRESENT Rob Sparks, CED Darren Grile, City of Anderson CALL MEETING TO ORDER A quorum was established. Ms. Soetenga stated an executive meeting was held prior to the public meeting to discuss financials in the Board’s portfolio. A Roll call was taken with 6 members present. Item #1: Minutes Ms. Soetenga called for a motion to accept the meeting minutes for April 21, 2021. Mr. Dowling made a motion to accept April 21, 2021 minutes as presented and Mr. Reger seconded. A roll call vote was taken. Aaron Reger, yes Trent Dowling, yes Adam Hoeksema, yes Greg Winkler, yes Doug Whitham, yes Rob Sparks, yes Motion passed unanimously. Item #2: Loan Renewal (Creatures of Habit - Bankable) Ms. Soetenga stated regular payments have been received from Creatures of Habit since the increase in interest rate to 7.5% at the April RLF meeting. Mr. Austin gave an update stating he had spoken with Dan Stachowiak and his wife Amanda who takes care of the financial end of the business. He stated they appear to be doing well at Creatures with regular customers. Mr. Stachowiak’s ability to get financial information from other guarantors, Dan and Callie Hiles and David Hiles, has been unsuccessful. After a brief discussion Mr. Whitham made a motion to extend the loan by six months to give Mr. Stachowiak time to provide the Board with personal 2020 federal tax returns and the 2020 tax return for Creatures of Habit, LLC as well as updated financial statements. Consideration of the release of non-cooperative guarantors will be considered if they desire to pay down the loan. Mr. Winkler seconded. A roll call vote was taken. Aaron Reger, yes Trent Dowling, yes Greg Winkler, yes Doug Whitham, yes Rob Sparks, yes Motion passed unanimously with Bankable abstaining. Item #3: Resolution 01-21 – Resolution Certifying the Plan and Operation of RLF Ms. Soetenga stated Resolution 01-21 is required annually as certification the program is being run accordance to the RLF Plan. There have been no changes to the plan in the last year. Ms. Soetenga asked if there were any questions and there were none. Mr. Reger made a motion to accept Resolution 01-21 and Mr. Dowling seconded. A roll call vote was taken. Aaron Reger, yes Trent Dowling, yes Adam Hoeksema, yes Greg Winkler, yes Doug Whitham, yes Rob Sparks, yes Motion passed unanimously. MISCELLANEOUS Ms. Soetenga stated there were nearly $400,000 available to be loaned. Meeting was adjourned at 9:55am. Minutes submitted by Karen Soetenga