Monroe Powersports Inc. has won a reprieve from the Monroe Revolving Loan Fund Committee, which will restructure a loan it made in 1999.
The loan came due in mid-June, but payments are current and even ahead. The Monroe, Wis., dealership owes $48,000 on the $120,000 loan, according to the Monroe Times.
The committee found that Monroe Powersports is an ongoing business that is doing well, and voted to extend the term of the loan for up to 48 months, at 4.5 percent interest. The rate is less than the original loan at 5 percent, but more than new loans being approved this year at about 3.5 percent.
Posted by Holly Wagner