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11/17/2009
THE FAIRMONT ECONOMIC DEVELOPMENT AUTHORITY ON MONDAY APPROVED A LOAN EXTENSION FOR A LOCAL BUSINESS. D AND B PLASTICS REQUESTED THE EXTENSION BECAUSE OF THE OVERALL BUSINESS SLOWDOWN AND THE FACT THAT THREE OF THE COMPANY'S LARGEST CUSTOMERS HAVE GONE INTO DEFAULT ON THE PAYMENTS THEY MAKE TO D AND B PLASTICS. F E D A BOARD MEMBERS APPROVED AN 18 MONTH EXTENSION OF THE LOAN WITH NO PAYMENTS AND NO INTEREST DUE UNTIL JUNE 1 ,2011. THE COMPANY HAS PAID OFF MORE THAN 50,000 DOLLARS ON THE 75,000 DOLLAR LOAN FROM THE AUTHORITY. THE BOARD SAID THEY WOULD EVALUATE THE EXTENSION AFTER 18 MONTHS AND REQUESTED THAT D AND B CONTACT THEM IF THE COMPANY WAS FINANCIALLY STABLE PRIOR TO 18 MONTHS TO RESTART REGULAR MONTHLY PAYMENTS.
F E D A BOARD MEMBERS WERE ADVISED THROUGH ECONOMIC DEVELOPMENT AUTHORITY DIRECTOR MIKE HUMPAL THAT HOG SLAT HAD CLOSED ON THE PURCHASE OF 3.75 ACRES AT THE FAIRMONT INDUSTRIAL PARK. A 6,000 SQUARE FOOT BUILDING IS PLANNED TO EXPAND THE COMPANY'S BUSINESS. HOG SLAT MANUFACTURERS AND SELLS EQUIPMENT FOR THE OPERATION OF HOG BUILDINGS.
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ROD HALVORSEN
© 2009 KSUM.
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