Grand Forks group delays Cirrus loan decisionMembers of a Grand Forks economic development group are delaying acting on a request by Cirrus Aircraft's for a loan to help the company expand.
GRAND FORKS, N.D. (AP) — Members of a Grand Forks economic development group are delaying acting on a request by Cirrus Aircraft's for a loan to help the company expand.
The Grand Forks Herald reports that city's Growth Fund Committee decided not to act on the company's request for a $950,000 loan to purchase equipment and expand its Grand Forks production facility.
The new loan would increase Cirrus’ monthly payment to the city from $70,000 to about $90,000.
Committee Chairman Doug Christensen says he was concerned about adding more debt. He says company financial reports showed “significant losses” in 2012 and liabilities due in 2013.
But Cirrus Vice President for Business Administration William King objected to questions about the company's financial stability. He says the company has always met its obligations.