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Also on Monday, July 12, two members of the committee were reelected to leadership positions. 6:49 pm, Jul. 12, 2021 × Grand Forks City Hall, 255 N. 4th St. Sam Easter / Grand Forks Herald Members of the Grand Forks Growth Fund Committee reelected two members to committee leadership positions, then made additional adjustments to a business loan program that enables the city’s economic development wing to take an ownership stake in startup companies. Committee members on Monday, July 12, reelected Bret Weber, a City Council member, and Jonathan Holth, a local businessman, to serve as chairman and vice-chairman, respectively, of the Growth Fund. After that, the committee worked out details on how the Jobs Development Authority can convert a startup loan for tech companies into an equity stake, if the company proves successful. The committee then entered into such an agreement with a drone company named First-i. ....
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. ....