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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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