ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 12-17
August 23, 2012
AUTHORIZING A LOAN OF $20,000 TO SUSAN’S STITCHES, LLC
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, Susan’s Stitches, LLC has applied for $20,000 from the Microenterprise Revolving
Loan Fund for working capital to support the business of Susan’s Stitches, LLC in Rensselaer Falls,
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to loan an amount not to exceed $20,000 from the Microenterprise Revolving Loan
Fund to Susan’s Stitches, LLC, and
BE IT FURTHER RESOLVED that said loan shall be subject to the following terms and
conditions:
Interest Rate
4% on $20,000 Loan
Term
Sixty (60) month term consisting of an initial four (4) months of interest-only payments,
followed by a fifty-six (56) month amortization.
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Security
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Other
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Move:
Second:
VOTE
Blevins
Hall
LaBaff
McMahon
Peck
Staples
Weekes
Co-proportional first lien position on all inventory, machinery, equipment, furniture &
fixtures, accounts receivable and general intangibles of Susan’s Stitches, LLC
Unlimited Personal Guarantee of Susan Sabourin
Agreement to meet with the Small Business Development Center on a regularly
scheduled basis to discuss current business operation.
The Company agrees to make available to the St. Lawrence County Local Development
Corporation information necessary to secure liens on collateral as described above; this
includes, but is not limited to, providing serial numbers of machinery and equipment,
allowing photographs thereof, and periodic inspection and inventory of collateral.
Evidence of public liability insurance coverage in an amount to be determined by
Counsel.
This microenterprise project will result in the creation of one job, that being the owner,
who has been determined to fall within low-moderate income guidelines.
Evidence of owner’s cash/equity of $13,000
Evidence of KeyBank Loan in the amount of $10,000
Evidence of Canton Local Development Corporation loan in the amount of $10,000
LaBaff
Weekes
AYE
X
X
X
X
X
X
NAY
ABSTAIN
ABSENT
X
I HEREBY CERTIFY that I have compared this copy of
this Resolution with the original record in this office, and
that the same is a correct transcript thereof and of the
whole of said original record.
/s/
Natalie A. Sweatland
08/23/2012