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Home My WebLink About10-07-13 Prospera Revolving Loan Fund Committee MinutesBozeman Revolving Loan Fund Loan Review Committee Meeting MEETING MINUTES October 7th, 2013 2:00 PM – 4:00 PM First Interstate Bank – Downtown Committee Members Present: Brit Fontenot, Jim Verzuh, Scott Nicholson, Erin Gallanger, & Chris Mehl Excused Absence: Mike Money, Tracy Menez Prospera Staff Present: Stuart Leidner & Anjie Mikesell Guest: Allison Schweitzer A. CALL TO ORDER The meeting was called to order at 2:05 PM by Stuart B. PUBLIC COMMENT No public in attendance C. APPROVAL OF PREVIOUS MEETING MINUTES Chris made a motion to approve the meeting minutes from the previous meeting. This was seconded by Brit and was approved unanimously. D. ACTION ITEMS 1. Schweitzer Chiropractic, PC DBA Thomas Family Chiropractic Anjie gave an overview of the loan request. She then asked Allison to give the committee an overview of her business and their current need. The loan committee asked Allison questions regarding the current and future employees, past and future financials, projected trends for the business, competition in the area, use of funds and guarantors. The chairperson closed to the public all of this meeting pursuant to Sect. 2-3-203(3), MCA, because the discussion relates to a matter of individual privacy and the chairperson determines the demands of the individual's privacy clearly exceed the merits of public disclosure. The meeting was reopened to the public. Erin made a motion to set the loan up as a Line of Credit with interest only for 6 months with incremental advances during that period. After the six month period Allison could reproach the committee to approve a term out with a proposed repayment P&I period of 48 months. Written draw requests would be sent to Prospera staff and the maximum amount of the draw would be no more than $10,000 at a time. Chris Seconded. All were in favor. E. Action Items Anjie & Stuart gave the committee an update on the Clarks Fork application, credit analysis and process. After discussion regarding the loan request and the analysis the loan committee chose not to pursue the loan request further at this time. F. Next Meeting To be determined at a later date G. Adjournment Meeting was adjourned at 3:30PM.