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Published August 10, 2009, 07:17 AM

Minot loaning money to aviation firm

MINOT (AP) — An aviation manufacturer is getting a $500,000 startup loan from Minot’s economic development fund. The Minot City Council has approved the loan to Heliplane of Minneapolis, though not without reservations.

MINOT (AP) — An aviation manufacturer is getting a $500,000 startup loan from Minot’s economic development fund.

The Minot City Council has approved the loan to Heliplane of Minneapolis, though not without reservations.

Alderman Scott Knudsvig said the company doesn’t have a functioning product. He said committing the money to Heliplane means that money won’t be available if another company comes along with a functioning product ready to market.

Alderman Dean Frantsvog said the city takes a risk on every project into which it puts money.

Heliplane plans to make air cargo trailers in Minot once it completes a successful product demonstration. A demonstration is scheduled in September before U.S. Army officials.

The company’s air trailer would increase the air cargo payload for private, commercial or military planes. It could be towed by a fixed-wing or rotor-wing aircraft. It would be guided while being towed by an unmanned aerial control system.

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