Grand Forks Growth Fund Approves Loan for Integrity Fundraisers
The Grand Forks Growth Fund approved a motion to grant Integrity Fundraisers a loan of $ 95,000 to address unmet needs of COVID-19 (C-RUN) on Monday, August 23.
Co-owners Scott Reinhart and Scott Kilde founded Integrity Marketing & Fundraisers in 2006 before becoming known strictly as Integrity Fundraisers in 2012. It provides coupon books and other goods for schools and other organizations to collect. funds.
C-RUN Loans are 1% interest loans ranging from $ 5,000 to $ 200,000 for pandemic recovery and growth for qualifying businesses and nonprofits in Grand Forks County. In order for businesses and nonprofits to receive the loan, they must have been in business before March 1, 2020 and have been negatively affected by the COVID-19 pandemic. The loans offer payment deferrals of up to 12 months, typically lasting five to seven years.
Integrity Fundraisers applied for the loan because of the negative impact of the COVID-19 pandemic on its business. Reinhart and Kilde claim that limitations on school activities, social distancing guidelines and the use of distance learning have caused schools to cancel entirely many fundraisers that relied on in-person communication.
The loan was requested to cover three to six months of expenses until the bills for the fall 2021 school year are paid and to alleviate their limited cash flow. In response to the challenges brought on by the pandemic, the Growth Fund found that Integrity Fundraisers had diversified its revenue streams into efforts other than physical coupon books by diversifying into online fundraising, electronic coupon books. and personalized engravings.
In other cases:
- The Growth Fund approved ND Coffee Roastery’s application for FlexPace loans in the amount of $ 30,619 and $ 922 to reduce the interest rate on Gate City Bank loans for the purchase of land and land. equipment for an expanded production facility, as well as gap financing loans of $ 32,700 for the purchase of real estate and $ 16,248 for the purchase of equipment, including a crusher, hopper and scale .
- The growth fund has approved Sundog Mining’s request for a land lease from JDA to “build and / or install facilities in which they will operate and conduct a business of mining digital assets and hosting data centers. data, “according to a statement. The application is for approximately 10,000 square feet of space in the northwest corner of a property owned by JDA at 1650 S. 52nd St. in Grand Forks. Sundog Mining will lease the space for $ 1,200 per year for three years with an option to renew for up to three more three-year terms after it expires. The company will also pay for all utilities, space improvements and rental taxes.