Berrien County is requesting to participate in a loan agreement with a Bridgman company. Commissioners approved a request Thursday to buy $120-thousand of a $456-thousand loan for Ashby Finishing from Chemical Bank. This purchase is known as a "participation loan."
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:04 Q...of the banks loan.
That's Community Development Director Dan Fette explaining how the participation loan will work. The county's portion of the money will come from the revolving loan fund and to be repaid by Ashby Finishing over five years. Fette said an advantage for doing business this way is that bank is responsible for serving the entire loan and returning the county's portion of payments to the revolving loan fund. With the money, Ashby Finishing plans to purchase the building it currently leases.
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:04 Q...of the banks loan.
That's Community Development Director Dan Fette explaining how the participation loan will work. The county's portion of the money will come from the revolving loan fund and to be repaid by Ashby Finishing over five years. Fette said an advantage for doing business this way is that bank is responsible for serving the entire loan and returning the county's portion of payments to the revolving loan fund. With the money, Ashby Finishing plans to purchase the building it currently leases.
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