In our September 19th post, we announced that we were moving forward with a loan proposal from Home Federal, a local bank serving Minnesota and Iowa. Before Home Federal could approve our funding request, however, they required additional information from us, which we provided. We’re happy to announce that Home Federal has recently approved our loan, which would take advantage of a USDA Business and Industry loan guarantee program, the same program that backed the loan for St. Peter Food Co-op.
Next steps before building can begin include obtaining a future appraisal and filling out the USDA loan guarantee application. We’re getting closer!