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Grand Forks Growth Fund tables First-i LLC Accelerate Loan proposal
The Growth Fund had a general census in its June 21 meeting to move forward with the request from First-i LLC, a drone company that accesses local UAS/drone and data management resources, for a $250,000 Accelerate loan. The business received $850,000 from the state’s LIFT program previously. Written By: Jacob Holley | ×
Grand Forks City Hall, 255 N. 4th St. Sam Easter / Grand Forks Herald
The Grand Forks Growth Fund Committee moved to table First-i LLC s Accelerate Loan proposal in its meeting Monday, June 28.
The discussion revolved mostly around a couple questions: The main one – Can the JDA own an equity position in a privately-owned entity? The answer to that question will likely come on June 19 – the next Growth Fund meeting where the item will appear.
The heightened scrutiny stems from the nature of the Accelerate Loan program itself, the aim of which is to provide working capital to newly-minted tech companies. The program carries more risk for the city, because it is the sole entity granting the loan.