FEDA talks child care program
Tuesday, May 18, 2021
FAIRMONT — The Fairmont Economic Development Authority met Monday night to approve one loan modification and discussed updates to the Child Care Forgivable Loan Program and the Fairmont Area Life Resident Recruitment Campaign.
FEDA approved one loan modification to Joe and Lea Riemann for the Fairmont Brewing Co. The loan is planned to be used for a portion of the acquisition of the building, building renovations, furniture, fixtures, and equipment.
In March 2021, the FEDA board approved the original loan request for $67,125 with interest at 3.25% for 10 years. Since then, some costs have gone up and the business is requesting an increase to the original loan amount to $75,000 with interest at 3.25% for 10 years. Collateral would stay the same with a shared second position on the building/equipment with SMIF and Region 9, and personal guarantees from both Joe and Lea Riemann.
The Fairmont Economic Development Authority (FEDA) coordinates and administers economic development initiatives for the City of Fairmont, MN. It serves as a comprehensive and premier resource for businesses seeking to startup, grow and locate in the area. FEDA’s priorities include business retention and expansion, financing, workforce development, recruitment, site development, housing and business startup. FEDA prides itself as a growing resource for Fairmont, MN news.