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From YouTube: Mountain Community Capital Fund
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B
Christina
so
good
morning,
everyone
welcome
to
the
July
1st
meeting
of
the
Mountain
Community
Capital
fund.
My
name
is
Tim
love
with
Ponca
County
government
I'm
Vice,
chair
for
the
Mountain
Community
Capital
fund,
and
we'll
call
today's
meeting
to
order.
B
C
Hi
I'm
Carl
alguire
I'm,
a
voting
member
and
I'm
the
city
of
Ashville
appointee.
B
B
A
H
Morning,
everybody
Rachel
Nygaard
here:
bunking
Buncombe,
County,
government,
appointee
and
employee
and
voting
member.
D
B
H
Tim,
this
is
Rachel.
I've
just
got
a
quick
clarification
question
as
I'm
taking
the
notes.
The
current
members
list
at
the
top
of
our
agenda
wasn't
correct,
so
I'm
fixing
it
for
the
minutes.
Michael
I'm,
adding
you
to
the
list
of
current
members.
Are
you
replacing?
Somebody
is
your
name.
I
should
remove.
G
I
was
called
in
to
support
yaslin
here
she
had
a
a
last
minute
scheduling,
conflict,
but
I
do
see
yaslin
here
this
morning.
So
perhaps
we
don't
have
a
schedule.
Conflict.
Okay,
awesome,
we're.
H
I
To
have
you
both
I
do
have
to
jump
off
pretty
pretty
early
on,
so
I
wouldn't
have
Michael.
If
you
could
still
do
the
the
loan
presentation
I'll
handle
the
quarterly
report.
Yeah.
B
Well,
yaslin,
if
you
don't
mind
introducing
yourself
and
your
role,
we
were
just
going
through
the
roll
call.
That'd
be
great.
Oh.
I
For
sure
Jocelyn
Gonzalez
I'm,
a
small
business
lender
Mountain.
This
works.
B
Thank
you,
Rachel
I
I
know
you
were
capturing
minutes,
I'm
counting
Quorum.
Do
you
feel
the
same.
B
All
right,
so
we
have
Quorum
so
we'll
proceed
with
the
meeting
as
yazlene
said,
there's
a
slight
scheduling
conflict.
So
what
I'd
like
to
do
is
make
a
motion
to
sort
of
rearrange
the
agenda
to
accommodate
that
scheduling
item,
and
so
the
motion
would
be
to
move
the
quarterly
report
out
of
new
business
and
make
it
the
first
item.
We
discuss
prior
to
sort
of
approval
of
the
minutes
and
are
there
any
concerns
with
that.
C
B
Excellent,
thank
you.
So
then,
all
in
favor,
please
raise
your
hand
and
say
aye,
aye,
aye
aye.
All
those
opposed.
B
Great
thank
you
motion
passes.
So
our
first
item
on
the
agenda
today
will
be
a
review
of
the
quarterly
report
that
yaslin
Gonzalez
has
prepared
for
us
on
behalf
of
mountain
Biz
Works.
That
document
was
sent
out
yesterday.
Hopefully,
everyone
had
a
chance
to
review,
but
at
this
point
yasleen
I'll
turn
it
over
to
you.
Please
feel
free
to
share
your
screen
and
we'll
go
from
there.
G
I
Okay,
okay,
so
this
is
this
report
is
as
of
6
29
2022..
I
We
are
now
in
the
second
quarter
or
yeah.
Second,
is
it
second
or
third?
Oh,
my
gosh
brain
second
quarter
of
the
year,
so
new
loans,
this
quarter
we've
done
five.
They
have
all
been
under
50
000
this
year,
total
loan
count
over
the
life
of
the
fund
has
been
24.,
so
total
dollar
slant
so
far
is
829.
I
000
90
dollars
the
the
guarantee
you
set
the
origination
of
loans
original
loans.
It
has
been
704
thousand.
I
We
have
not
received
a
payoff
as
of
yet
a
full
payoff,
because
most
of
these
loans
are,
you
know,
termed
out,
for
at
least
five
to
ten
years
on
average.
So
outstanding
loan
balance
is
772
000..
The
absolutely
guarantee
currently
is
654..
I
I
did
go
ahead
and
update
our
current
maximum
lending
amount.
So
as
of
now,
we
do
have
450
000
from
Dogwood
1.1
from
the
county
and
then
1
million
from
the
city,
so
that
brings
out
brings
our
total
to
around
2.5
million,
and
we
are
currently
at
percentage
of
loan
funds.
Utilized
is
currently
30
percent.
I
We
do
have
two
delinquent
loans.
Currently,
unfortunately,
my
Wisconsin
integer,
our
risk
ass
manager
could
not
be
in
this
call
to
talk.
Give
you
an
update
on
on
that
on
those
two
loans,
but
we
can
certainly
do
that
at
the
next
meeting
there
has
been
some
I
think.
There's
there's
plans
to
do
some
links
to
take
some
legal
action,
but
I'm,
not
a
hundred
percent
sure
on
the
details
there.
I
So
I
can
definitely
have
our
asset
manager
come
in
and
give
us
an
update
on
that
next
meeting,
the
total
and
delinquent
loan
amounts
is
65
000,
and
so
we
we
are,
we
would
be
seeking
a
guarantee
claim
of
55
000.
So
that's
how
much
is
potentially
at
risk
currently,
which
is
seven
percent
of
the
outstanding
loan
balance
and
so
other
than
those
two.
I
We
have
not
had
any
additional
charge
offs
that
that
those
two
loans
have
not
been
charged
off,
yet
they
are
delinquent,
but
the
charge
up
has
not
happened
yet.
So
that's
why
they're
not
listed
in
the
charge
off
section
there,
the
technically
the
technical
payoff
that
we've
had
was
a
refi
and
that
loan
is
doing
is
just
doing
well.
I
I
Yes,
we've
you
know
tried
to
work
with
the
with
the
client
I'm,
not
sure
if
you
were
actually
here
when
our
risk
asset
manager
did
come
in
and
talk
about.
I
You
know
the
the
the
solutions
or
remedies
that
were
offered
to
the
client
prior
to
us
taking
legal
action.
But
yes,
that
has
we've
tried
to
work
with
the
client.
It's
been
almost
I
believe
12
months,
if
not
less,
that,
we've
tried
to
to
connect
with
the
client,
and
you
know,
offer
payment
arrangements
and
interest-only
periods.
I
mean
we've.
We've
done.
You
know
the
we've
made
the
effort
to
to
avoid
it
from
from
getting
to
where
it's
at
now
and
that's
all
been
documented.
B
Thanks
for
that,
yeah
thanks
for
sending
this
information
out
in
advance,
I
think
as
you
suggested,
it
would
be
great
to
have
your
risk
manager
join
us
in
August
as
an
item
just
to
discuss
status.
B
I
know,
we've
been
through
it
before,
but
yeah
be
good
to
understand
what
what
actions
have
been
taken,
but
also
process.
F
B
Forward
right
so
that'd
be
great.
I
Yeah
I
will
make
sure
that
we
can
have
her
come
in
at
the
next
meeting.
F
You
great
thank
you
just
a
quick
question
just
out
of
pure
curiosity,
so
at
the
very
bottom,
where
it
talks
about
demographics.
I
was
wondering
if
you'd
break
out
other
additional
electron
graphics,
besides
Hispanic
Latino
category
in
the
women-owned
category,
maybe
not
to
necessarily
report
on
every
single
quarter.
But
you
know
if
that
data
is
being
tracked
somewhere
like
if
you,
if
there's
no
granular
data
just
out
of
again
my
own
curiosity
but
sort
of
the
makeup
of
that
loan
portfolio.
F
Yes,
I
was
just
wondering
if
other
categories
were
tracked,
so
you
know
black
Founders.
Maybe
you
know
Native
American
or
even
we're
all
you
know.
I
was
just
curious
if
you
guys
track
any
of
that
other
type
of
data
behind
the
scenes
we.
I
Do
yeah
absolutely
we
do
track
ethnicity
and
race
separately
and
then,
and
we
do
also
track
jobs.
I
think
actually
not
sure
why
I
think
it
was
left
out
on
this
one,
but
jobs
created
also
is
being
tracked.
I
Okay,
yeah
I
could
certainly
you
know
at
the
end
of
the
year.
If
we
want
to
create
some
kind
of
report
or
just
add
additional
data
to
this
one,
we
can
certainly
do
that
at
the
end
of
the
year.
B
I
Yeah,
absolutely
so
that
one
was
a
loan
that
was
made
to
a
black
entrepreneur
had
been
in
business
for
I
believe
a
couple
years.
It
was
also
a
woman-owned.
I
They
were
actually
featured
in
one
of
our
newsletters
and
was
it
was
public
knowledge
that
they
were
a
participant
of
mccf.
Of
course,
we
was.
We
received
their
permission
ahead
of
time,
I'm,
not
sure
if
the
story
of
the
pretty
sure
the
story
was
shared
with
the
committee,
but
you
know
created
multiple
jobs
and
allowed
them
to
really
expand
into
different
areas
or
areas
of
the
business
they've
been
doing
great
so
far,
Michael
Lane
actually
was
the
one
that
worked
with
them
and
they've
been
doing
great.
I
They,
you
know,
speak
very
highly
of
the
program
and
amounts
of
Miss
Works,
so
definitely
a
success
story.
There.
I
And
I
will
have
to
run
about
two
minutes.
I
did
want
to
add
Tim
that
we
did
have
a
loan
kind
of
that
came
through
this
week
and
we
got
it
ready
to.
We
want
to
make
sure
that
we
can
go
ahead
and
get
it
approved
at
this
meeting
if
possible.
I
I
know
it
wasn't
shared
prior
a
few
days
before,
but
you
know
it
due
to
the
timing
of
the
request
and
the
meetings
we
I
would
like
to
see
if
we
can
get
an
approval
on
that,
one
Michael
Lane
will
actually
be
kind
of
taken
over
and
telling
you
a
little
bit
about
that
proposal,
but
we
will
be
seeking
approval
on
that
specific
loan.
I
We
just
want
want
to
make
sure
that
we're
not
creating
additional
barriers
here
for
for
entrepreneur,
and
you
know
having
to
wait
another
30
days
to
to
get
this
closed.
Rachel
did
you
have
a
question.
C
H
Ready
to
switch
to
that,
if
you're,
okay,
yeah
absolutely
am
I
reading
the
report
correctly,
that
there
have
been
24
loans
made
over
the
life
of
the
program,
24
are
still
open.
Can
you,
if
that's
the
case?
What
is
the?
What
is
the
one?
That's
like
I
think
you
described
it
as
a
technical
payoff?
How
is
that
different
than
a
a.
I
So
it
was
a
refund
into
another
loan
that
we
have.
We
still
have
it's
still
open.
It
was
just
a
refinance
of
that
note,
so
we
did
in
a
way
pay
that
off
with
a
refi
under
the
guarantee,
with
a
guarantee.
I
Yeah,
there's
not
been
a
true
payoff
yet,
but
it's
I
went
ahead
and
tracked
it
as
every
fight.
B
Right
any
final
questions
for
yasleen.
B
All
right
yasleen,
thank
you.
So
much
hope
you
have
a
great
weekend
and
we'll
see
you
in
August
absolutely.
I
Thank
you
for
having
me
and
if
you
have
any
questions
about
anything
else,
just
shoot
me
an
email
and
Michael.
If
you
want
to
just
share
your
screen
on
the
data
collection
form
that
I
that
you
created
and
yeah
all
right.
Thank
you.
Everyone!
So
sorry,
I
had
to
jump
off.
B
No
worries
gasoline,
bye
and
and
Michael
if
you're,
comfortable,
cool,
we'll
get
back
to
the
normal
agenda.
We've
got
you
slated
for
new
business.
If
that's
all
right
sure.
B
B
The
approval
of
the
minutes
from
the
June
22
meeting
and
thank
you
to
Nikki
Reed
for
subbing
in
and
preparing
those
minutes.
Hopefully
everyone's
had
a
chance
to
review
it.
Is
there
a
motion
to
approve
the
June
22
minutes.
D
B
From
Frank,
thank
you
all
right,
all
those
in
favor
of
the
motion
to
approve
the
June
22
minutes,
please
say
aye
or
raise
your
hand
bye.
B
All
those
opposed
seeing
none.
The
minutes
are
approved.
Thank
you
all
for
making
that
easy.
So
moving
into
Old
business,
we
have
a
couple
items.
The
first
is
an
update
on
the
document
review
work
group.
As
a
refresher.
At
our
last
meeting,
there
was
a
small
group
assigned
to
review
the
mccf
documentation
just
to
make
sure
everything
is
buttoned
up
since
we've
seen
an
evolution
over
the
past
year
with
additional
funding
and
funders
and
things
of
that
nature,
Karen,
you've
kind
of
been
leading
the
charge.
E
So
so
we're
on
the
services
and
duties
agreement
we're
waiting
waiting
back
from
our
attorneys
on
on
those
changes,
then
that's
just
related
to
making
some
changes
that
incorporate
the
new
funds
from
the
city,
county
and
dogwood,
and
then
on
the
operating
committee
document
duties.
Agreement
I
will
say
it's
really
hard
to
schedule.
Groups
of
people,
so
I'm
scheduling
two
different
meetings
for
different
groups
of
the
five
of
us
in
the
week
of
July
10th
through
15..
E
So
that's.
B
B
B
So
just
want
to
be
clear
that
everyone
will
get
an
opportunity
to
see
changes
and
have
input
on
that,
but
just
wanted
the
ability
to
have
more
detailed
discussions
and
sort
of
vet.
The
documents
outside
of
the
formal
committee
meeting
so
that'll
be
the
process.
If
there's
any
questions,
let
us
know.
H
Kim
you're
expecting
an
August
or
September
approval
from
or
consideration
of
approval
from
this
group,
then
does
it
go
to
the
elected
bodies,
city
council,
Board
of
Commissioners,
for
the
vote
on
their
pieces.
B
Yeah
I
think
not
all
documents
will
need
that,
but
it
I
believe
if
there's
any
changes
to
services
and
duties
agreements
I
do
believe
that
would
occur
so
we'll
have
to
see,
because
once
we
start
poking
around
with
some
of
these
documents,
there
may
be
impacts
to
others.
So,
yes,.
J
I
have
a
quick
question.
So
is
this
something
too
that
we
would
because
I'd
like
to
notify
our
City
attorney?
If
that's
something
that
that
needs
to
happen
as
well,
but
I'm
thinking
is,
that
is
that
an
appropriate
step
in
the
process
as
well?
Perhaps
once
we
have
General
changes
that,
then
we
have
that
legal
review,
and
that
occurs
before
the
committee
takes
action.
B
I
think
that's
a
good
idea
for
sure
Nikki
and
having
Brad
and
or
Michael
brought
in
would
be
good.
So.
E
Yeah
I
will
say
we're
trying
to
limit
the
changes
to
the
duties
and
services
agreement
to
really
focus
on
the
new
funds
that
have
come
in
and
looking
most
at
making
an
amendment
to
the
agreement
such
that
it
would
so
we
wouldn't
necessarily
have
to
go
back
every
time
new
funds
came
in.
B
B
All
right
good
deal
any
other
questions
on
document
review.
B
Great.
The
next
item
on
Old
business
is
an
update
on
contract
status
and
there
are
a
handful
of
funders
that
are
involved.
Buncombe
County
through
arpa
city
of
Asheville,
through
arpa
Dogwood,
Health,
Trust
I'm
wondering
if
the
best
way
to
speak
to
this
Karen.
Do
you
have
an
update
that
you
can
provide
on
these
three
funders,
or
should
we
go
to
the
funders
themselves
or.
H
Yes,
without
being
overly
technical,
the
Dogwood
Health
trust
funds
are
coming
straight
into
the
account
held
by
self-help,
Ventures
fund,
and
so
that's
how
Karen
was
in
the
position
to
confirm
the
status
of
that.
So
it
sounds
like
we're
good
to
go
this.
The
the
the
county
funds,
which
are
federal,
arpa,
coveted
recovery
funds,
are
actually
being
routed
through
Mountain
Biz
works
and
then
the
available
funds
grow
in
Mountain,
Community
Capital
fund,
and
so
that
contract
is
in
effect
we
call
it
fully
executed.
H
So
it's
it's
off
and
running
and
I
I,
don't
know
the
status
of.
D
D
I
might
be
able
to
speak
to
it
in
very
general
terms,
but
I
haven't
been
directly
involved.
I
did
see
a
decision
sheet
on
all
of
our
arpa
funding
and
similarly,
actually
I'm
going
to
take
a
peek
at
that
before
I
misspeak.
D
Let's
see
yes,
it
is
it
is.
It
will
be
an
agreement
with
mountain
Biz,
Works
Mountain,
Biz,
Capital,
DBA
mountainous
works,
the
timing
on
this.
You
know
they're
they
have
a
number
of
arpa
funded
projects,
so
I
I,
don't
know,
I
believe
this
is
preliminary
but
I
think
they're.
Looking
at
executing
that
agreement
in
September.
B
Right,
nothing
there.
We
will
move
into
new
business
new
business.
We
have
two
items
to
discuss
today.
One
relates
to
the
nomination
and
election
process
for
the
Mountain
Community
Capital
fund,
chair
and
from
there
we
will
move
to
a
discussion
of
new
loans
with
Michael
and
so
in
terms
of
the
chair,
nominations
and
election
process
like
to
provide
an
overview
of
how
the
process
was
structured
and
then,
if
there's
any
questions,
we
can
talk
about
those
and
then
we'll
proceed
with
the
process
if
all
they're
comfortable.
B
B
Our
secretary
will
capture
those
nominations
and
at
the
end
of
the
nomination
period
and
sort
of
read
off,
who
has
been
nominated,
we'll
then
open
the
floor
to
see
if
there's
any
go
ahead.
Rachel.
H
I
took
your
pause
as
being
ready.
I
was
going
to
ask
if
we
could,
if
we
could
amend
this
conversation,
to
also
have
a
quick
up
membership
update.
B
Do
you
want
to
do
that
at
the
end,
Rachel
or
all
right?
So
then
the
secretary
will
read
off
who's
been
nominated.
I
will
then
have
a
motion
to
move
into
the
vote
process
from
there.
We
would
ask
everyone
on
the
call
to
state
your
name
and
who
you're
voting
for
the
secretary
will
capture
the
votes.
Do
the
tally
at
the
end
of
which
we
would
have
hopefully
a
new
chair,
and
hopefully,
there's
no
tie
breaker
or
anything
of
that
picture.
B
H
I
was
wondering
if
my
secretary
duties
were
also
expiring,
foreign.
B
Do
all
right
any
questions
about
process.
B
B
Thank
you,
Frank.
Is
there
a
second
Carl
all
right
so
floor
is
now
open
for
nominations.
If
you
have
a
nomination
to
make,
please
state
your
name
and
who
you
are
nominating.
B
B
I
think
it'd
be
great
to
at
least
open
the
floor
in
particular
Maui
to
see.
If
there's
any
questions
comments,
anything
Maui
would
like
to
say,
or
anybody
else
would
like
to
say
about
nominations.
F
Thank
you,
I
am
so
sorry
I.
So.
F
I
have
to
decline.
My
mother,
so
I
can
talk.
I
would
call
her
right
back
after
this
meeting,
but
thank
you
so
much
Frank
for
the
nomination
and
I
I'm
very
honored
to
be
considered
for
this
position.
F
I
put
a
lot
of
thought
into
this
and,
while
I
do
have
a
lot
on
my
plate,
this
is
something
that
I'm
really
passionate
about
and
I'm
sure.
There's
a
lot
of
work
had
to
be
done,
but
I
have
full
confidence
that
we
can
all
collaborate
together
to
do.
B
Awesome
well,
thank
you,
Maui,
thanks
to
Frank.
It
makes
this
process
a
lot
cleaner
today,
but
at
this
point,
I
will
close
the
nomination
process
as
acting
chair,
and
we
will
now
move
into
our
voting
process,
and
so
do
we
have
a
motion
to
open
the
vote
for
the
chair
of
the
Mountain
Community
Capital,
okay,
so
move!
Thank
you
Carl.
Second,.
C
B
You
Frank,
so
at
this
time
we
will
do
a
vote
to
open
the
vote
process.
B
All
those
in
favor
of
the
motion
to
open
the
vote
for
the
chair
of
the
Mountain
Community
Capital
fund,
please
say
aye
or
razor
aye
aye.
All
those
opposed
seeing
none.
The
vote
process
is
open
to
manage
the
vote
today.
What
I
will
do
is
I
will
go
down.
The
line
and
I
will
ask
each
of
the
voting
members
to
State
their
name
and
who
they
are
voting
for,
and
then
we
will
do
a
tally
at
the
end.
As
a
note,
I
will
only
be
requesting
voting
members
to
do
this.
C
Aguirre
I
vote
affirmative
for
Maui
Vang.
B
A
B
B
All
right,
then,
we
will
close
the
voting
process
and
I
will
turn
to
the
secretary
to
hear
the
tally.
B
All
right,
thank
you.
Thank
you,
Rachel
Maui
Vang,
congratulations
on
your
nomination
and
election
as
chair
of
the
Mountain
Community
Capital
fund.
I
also
want
to
express
tremendous
amount
of
gratitude
from
being
willing
to
take
on
this
type
of
role.
I
know:
you've
got
your
hands
full
with
many
things,
but
you've
been
a
great
contributor
on
this
committee
and
looking
forward
to
seeing
you
take
some
leadership
on
it.
So.
B
All
right,
so
that's
a
that's
good.
That
business
is
closed.
I'm,
hopefully,
is
there
any
questions,
hopefully
an
opportunity
to
get
those
out
on
the
table.
If
not,
we
will
move
now
into
the
loan
process,
and
so
today
with
us
we
have
Michael
Lane
from
Mountain
bizworks
Rachel.
Oh,
you
asked
yes
go
ahead.
H
Richard
before
we
leave
the
election
and
membership
topic,
I
wanted
to.
Let
everyone
know
that
the
empty
the
the
membership
position
that
was
vacated
when
Jeffrey
Kaplan
resigned,
is
currently
posted
on
buncombecounty.org.
We
have
not
yet
had
any
applicants
for
the
position,
so
we
are
looking
for
help
to
to
spread
the
word
or
promote
it.
When
I'm
thinking
to
him,
if
you're
agreeable
is,
we
could
send
out
an
email
to
this
group,
that's
forwardable,
so
you
can
share
it
with
your
Networks.
B
That's
great,
thank
you
for
that
Rachel,
and
so
we
will
do
that
after
the
call,
but
I
want
to
encourage
everyone
on
this
call
to
make
sure
that
you
have
at
least
one
at
least
one
touch
point
with
someone
that
you
think
would
be
a
good
candidate
and
encourage
them
directly.
B
We
we
send
a
lot
of
blanket
emails
sometimes,
but
if
you
could
make
a
literal
touch
point
with
someone
like
hey
I,
think
you'd
be
a
great
fit.
You
know
thinking
Through
My
Lens.
You
know,
there's
a
number
of
folks
that
work
in
the
small
business
space.
You
know
like
the
Western
Carolina
small
business,
Technology
Center,
you
know,
would
be
a
great
example.
A
B,
Tech
I
think
has
some
some
great
resources.
B
They
could
also
be
interesting
if
we
can
avoid
a
conflict
to
think
about
a
small
business
owner
in
the
space
and
so
I
know.
Many
of
you
all
know
those
folks,
but
we
do
have
to
consider
conflict,
but
we
can
work
through
that
recusals
and
things
like
that,
but
I
personally,
I
I
think
it
would
be
great
to
see
a
small
business
represented
and
in
particular
the
type
of
small
business
that
could
be
impacted
by
this
program.
So
it's
my
two
cents.
B
All
right,
we'll
move
on
Rachel
anything
else.
You
wanted
to
touch
on
related
to
membership.
H
No,
that's
it.
It's
I'm
going
to
put
the
link
in
the
chat.
It's
not
an
easy
URL,
but
if
people
go
to
buncombecounty.org
just
generally
in
the
top
of
the
browser,
there's
a
place
that
says
I
want
to
apply
for
and
then
you
get
down
to
board
and
commission
vacancies.
That's
the
path
and
I've
put
the
direct
link
in
the
chat.
J
B
Right
any
other
questions
on
that
great,
so
we
will
move
into
new
loan
presentations.
Michael
Lane
is
here
with
us
today,
representing
Mountain
Biz
Works.
B
B
G
Through
great,
thank
you
very
much
here
give
me
one
second
share
my
screen
for
y'all,
and
this
will
be
my
first
time
presenting
in
this
format,
so
apologies
for
any
clunkiness
or
clumsiness
here,
and
thank
you
all
again
for
the
flexibility
of
reviewing
this
last
minute.
G
So
we
had
a
really
strong
month
for
a
catalyst
program,
opportunities
by
Mountain
Biz
works,
and
so
we
actually
ended
up
having
two
separate
Catalyst
committee
meetings
here
to
review
these
credits
that
were
proposed.
The
one
that
I'm
proposing
today
is
relative
to
a
existing
business
operating
in
the
food
and
service
and
hospitality
industry.
Particularly
this
project
is
to
incorporate
a
mobile
food
vending
operation.
G
Hence
the
niics
code
of
Mobile
Food
Services.
Here
the
existing,
the
existing
business
model
operates
in
whole
food
wholesale
distribution,
they've
been
operating
since
2020
business
formed
in
2019,
but
didn't
really
start
making
any
general
any
Revenue
generation
or
operating
expenses.
Here
until
2020.
G
out
the
gate,
they
were
profitable.
2020
net
profits
came
in
at
just
over
twelve
thousand
year,
two
in
2021,
more
than
doubling
coming
up
just
shy
of
thirty
thousand.
They
are
located
with
their
headquarters
here.
In
Asheville
and
the
loan
amount
total
that
we're
looking
at
here
is
75
000..
G
The
purpose
of
this
loan
is
is,
as
mentioned,
the
acquisition
of
a
mobile
food
trailer,
as
well
as
the
kitchen
equipment
to
go
into
it
minor,
leasehold
improvements
as
they
are
expanding
their
services
into
a
centralized
Warehouse
that
they
have
Incorporated
a
little
bit
of
retail
Frontage
in
as
well
so
small
budget
of
about
five
thousand
dollars
dedicated
towards
some
of
the
leasehold
improvements.
G
The
life
of
the
loan
is
spread
out
over
eight
years,
with
some
modest
interest
only
periods
there
to
allow
you
know
a
slight
cushion
kind
of
ramping
into
scaled
up
operations.
Here.
G
Credit
background
here:
one
borrower
has
a
credit
score
of
712.
another
one.
Just
over
675..
There
were
no
judgments,
no
liens,
no
bankruptcies
between
the
two.
G
There
was
six
just
total
six
documents
of
30-day
payments,
and
that
was
spread
across
four
different
actual
credit
accounts.
The
most
current
one
of
that
was
six
years
ago.
The
oldest
one
was
over
10..
So
all
recent
payment
history
is
is
in
good
standing.
G
G
So
we've
got
credible
operators,
we
have
a
viable
business
plan
and
the
75
000
does
have
a
robust
working
capital
component,
but
we
want
to
ensure
that
we
are
not
under
capitalized
when
we
go
to
market
here.
We
really
want
to
ensure
that
if
anything
they
may
be
over
capitalized
and
if
that's
the
case
where
they
find
a
budgetary
surplus,
we
can
put
that
money
back
towards
the
principal
balance
and
readjust
accordingly,
if
necessary.
G
B
H
G
Yeah
yeah
so
with
the
Catalyst
program
that
Jeremiah
Robinson
was
the
architect
and
director
of
they
have
access
to.
Not
only
does
the
standard
coaching
assistance
that
mountain
bizworks
provides,
but
also-
and
actually
you
know,
a
true
technical
assistance
budget.
So
if
there
were
things
like
financial
statement,
preparation,
marketing
expenses,
signage,
you
know
branding
web
assistance
whatever
it
might
be,
they
do
have
access
to
some
of
those
funds.
They
have
not
needed
to
use
those,
but
you
know
when
it
comes
to
their
participation
in
our
Catalyst
program.
G
They
have
access
to
it
and
also
access
to
some
of
the
more
flexible
underwriting.
And
what
I
mean
by
that
is.
The
Catalyst
program
does
not
seek
any
kind
of
personal
assets
for
collateralization.
So
it's
it's
it's
you
know
purely
related
to
providing
the
flexible
tailored
capital
for
this
businesses
go
to
market
strategy,
I'm
hoping
that
they'll
join
our
cohort
once
they,
you
know,
have
some
time
on
available
and
the
businesses
you
know
just
taking
care
of
itself.
I
think
that
they'd
be
massively
influential
to
cohort
style
learning.
C
F
Thank
you,
so
just
a
quick
question
of
one
of
the
comments
towards
the
end
mentioned
that
you
are,
or
you
are
intentionally
over
capitalizing
this
business
as
they
go
to
market.
So,
just
out
of
curiosity,
what
sort
of
percentage
of
local
Capital
has
used
a
20
member?
They
might
need
Aaron,
that's
the
first
question.
The
second
is:
is
that
typically
a
practice
of
how
this
works?
Is
it?
Do
you
do
that?
G
Sure
great
question,
Matt
and
and
I
may
have
to
ask
you
to
repeat
the
the
second
part
of
it.
Sorry
there
was
the
the
background
noise,
but
you
know
foreign,
it's
it's
difficult
to
place
a
percentage
on
it
because
part
of
it
is
is
reactionary
to
you
know
whatever
is
is
left
after
you
know
their
actual
budgetary
line
items
right.
G
So
the
the
working
capital
component
here
is,
is
you
know
roughly
30
000
available
for
them
and
when
we're
looking
at
food
service
operations,
I
mean
you
know,
there's
multiple
rules
of
thumbs
that
could
be
applied
to
you
know
how
that
working
capital
could
be
deployed
right.
It
could
be
X
number
of
months
of
overheads,
plain
and
simple,
pure
pure
covered
by.
You
know
this
this.
You
know
cash
liquidity
on
hand.
You
could
also
you
know
when
building
out
projections
and
forecasted
income
statements
with
the
client.
G
We
could
also
take
a
look
at
what
our
you
know.
Best
guess
is,
at
you
know,
projected
losses
per
month
and
deploy
working
capital
in
that
format
too.
You
know
how
many
months
losses
do
we
do
we
predict,
and
so
now
we
have.
You
know
you
know
a
cash
cushion
to
help
cover
those
as
they're
ramping
up
their
revenue
generation.
G
Really
the
thought
process
on
this
one
is,
you
know
when
we're
looking
forward.
Obviously
the
Food
Services
industry
is
a
risky
industry
right.
G
You
know
many
folks
who
go
into
you
know
setting
up
a
restaurant
food
trailer,
you
know,
can
struggle.
It
is
a
competitive
market,
especially
here
in
the
Asheville
Buncombe
County
area,
and
so
what
we
want
to
make
sure
we're
doing
is
you
know,
as
they
are
working
to
continue
their
wholesale
distribution
and
expand
into
this
direct
to
consumer
food
trailer
model?
G
We
want
to
ensure
that
they
have
that
cash
cushion
as
necessary,
and
when
we
were
building
out
the
debt
service
coverage
ratios,
you
know
to
ensure
that
they
can
actually
afford
this
loan.
We
took
a
look
at
the
Historical
financials
here
right
and
so
key
metric
being
that
almost
thirty
thousand
dollars
in
net
profit
just
from
one
operation
side
of
this
business
right,
it's
it's
squishy!
It's
real
squishy.
The
debt
service
coverage
ratio
was
in
a
very
comfortable
spot
well
over
1.25
times,
which
is
the
general
floor
for
consideration.
G
So
you
know
when
we're
looking
at
the
ability
to
service
this,
you
know
over
capitalized
structure,
it's
there
and
there's
potential
that
they
won't
need
all
that
Capital
as
well,
which
again
we
can
restructure
the
amortization
of
this
loan
to
adjust
that
they're
not
paying
a
monthly
payment
based
on
principle
that
they
didn't
really
take
advantage
of
right.
G
So
there
is
flexibility
to
really
keep
that
in
control
for
their
needs
and
I'm
sorry
Maui
there
was.
There
was
a
second
part
of
the
question
and
I
just
I
didn't
quite
capture
some
of
the
the
meat
of
that.
Could
you
repeat
it.
F
G
Gotcha
gotcha,
okay,
great
question,
yeah
I,
wouldn't
say
that
that
over
capitalization
technique
is
is
unique
to
this
proposal
here,
I
think
it's
just
it's
it's
it's
something
I
mean
again,
you
know
we're
we're
kind
of
in
a
unique
economic.
You
know
situation
right
now
and
when
we're
looking
at
economic
conditions
with
this
proposed
model,
you
know
we
we
want
to
be
cognizant
of
you
know.
G
The
future
could
be
a
little
cloudy
in
some
formats
and
what
we
want
to
avoid
is
the
need
for
them
to
you
know
any
situation
where
they
may
be
coming
back
for
more
Capital.
If
that
were
to
ever
arise
right,
we
want
to,
you,
know,
get
a
grand
slam.
You
know
we
we
don't
want
to
have
to.
You,
know,
put
another
tranche
of
funds
into
this
and
have
to
review
again
and
again
and
again
so
we'd
rather
have
a
position
where
we
can.
G
You
know
essentially,
for
example,
in
in
mortgage
lending
pre-qualify
for
x
amount
of
what
you
can't
afford
right
and
if
you
choose
to
find
a
home
that
you
know
is
underneath
that
budget
then
great,
but
it's
good
to
have
that
cushion
knowing
that
you're
pre-qualified
for
whatever
that
higher
amount
may
be.
So
in
this
situation
you
know
using
historical
data.
We
know
that
they
can
service
this
debt
comfortably
and
and
still
maintain
business
operations
and
owner
compensation
from
it.
G
So
we're
we're
more
than
comfortable
with
the
loan
amount
here
and
it's
it's
too.
It's
due
to
a
bevy
of
you
know,
factors
being
considered.
Thank
you.
D
B
All
right,
then,
Michael
I've
got
a
couple,
quick
ones
for
you.
So
can
you
talk
about?
You
know
the
significance
of
the
loan
guarantee
to
this
particular
loan,
like
how
does
this
impact
like
without
the
guarantee?
What.
G
Happens
sure
yeah
totally
it's
not
going
to
be
collateralized
to
a
place.
You
know,
General
lending
practices
would
be
comfortable
right.
It's
it's.
It
would
end
up
being
a
severely
under
capitalized
loan
and
our
exposure
would
be
tremendously
High
so
being
able
to
have
this
guaranteed
backstop
allows
us
to
just
again
mitigate
more
risk
associated
with
it
on
the
lending
front,.
B
G
So
the
wholesale
model
is,
is
blowing
up
they're
already
year
to
date
on
track,
to
surpass
and
actually
they're
they're
close
to
about
70
percent
of
last
year's
growth
revenues
already
year
to
date,
so
they
are
on
track
for
the
existing
wholesale
model
to
just
completely.
You
know,
blow
the
roof
off
comparatively
the
food
truck
they've
been
doing
pop-ups
already
with
their
food
offerings
and
seeing
really
great
traction
and
a
lot
of
local
following
from
it.
G
So
the
food
trailer
is
really
just
kind
of
the
formation.
You
know
you
know
the
the
formalization.
If
you
will
of
you
know
their
test,
Market
run
I,
think
that
these
folks,
you
know,
are
primed
to
be
able.
You
know
within
the
next
three
to
five
years,
not
have
to
rely
on
any
outside
personal
income,
but
to
have
these
two
operations
of
business
really
be.
You
know
self-sustaining
for
them
personally,
so
this
will
be.
This
will
be
a
success
story
in
the
very
near
future.
I
believe.
F
G
I,
don't
think,
let
me
see
security
interest
items
was
on
there,
but
there
was
nothing,
but
no
I
did
not
include
anything
kind
of
going
into
detail
of
why
I
was
under
collateralized.
G
A
list
of
assets
is,
is
you
know
the
Mobile
Food
trailer
kitchen
equipment,
cold
storage,
equipment
for
the
wholesale
distribution
warehouse
that
they've
got
pretty
standard
stuff
when
we're
looking
at
this
model,
but
those
types
of
things,
unfortunately
don't
come
up
to
you
know
putting
a
lender
at
an
80
20
LTV
position
loan
to
value
position,
so
it
it
it
would
be
effectively
under
collateralized
and
that's
something
that
we
can
certainly
include.
I
can
get
that
information
back
to
yaslin
Maui.
So
we
we
kind
of
shed
a
little
more
detail.
G
You
know
the
follow-up
of
you
know:
here's
the
collateral
provided
for
security
interests
here,
however,
you
know
it
does
leave
our
secured
position
at
X
right.
B
All
right
so
I
believe
considering
the
the
size
of
this
loan.
It
does
call
for
a
vote
of
the
board.
So
is
there
a
motion
are
related
to
the
approval
or
not
of
this
loan.
B
All
right
motion
to
approve
is
on
the
floor
at
this
point.
If
you
are
in
favor,
please
raise
your
hand
or
say
aye
aye.
B
All
right
motion
passes.
This
loan
is
approved
Michael.
Thank
you.
So
much
for
all
the
detail.
I
I
thought
it
was
a
really
robust
discussion.
So
I
really
appreciate
that.
J
Just
one
quick
thing:
do
we
typically
include
the
presentations
in
our
agenda?
Packets
and
minutes
just
wanted
to
make
sure
that
we
have
that
for
the
record,
but
I'm
thinking
like
in
in
the
past
meetings.
We
have
included
that
spreadsheet
as
part
of
our
our
documentations
that's
available
on
online.
Is
that
right.
B
Well,
maybe
we
can
double
check
that
offline
Nikki
and
just
see
if
we've
done
it
in
the
past.
Just
continuing
on
that
path.
J
G
Of
course
well,
thank
you
very
much.
I
appreciate
your
time
and
conversation
today.
This
was
this
was
fun
thanks.
All.
B
Right
thanks
Michael
for
the
remainder
of
the
committee,
we're
running
up
on
time,
but
we're
close
to
completing
our
agenda
just
as
well.
First
off
any
any
other
lenders
have
loans
that
they
would
like
to
present.
B
I
assume
not
so
next
month
reminders
we
talked
a
little
bit
today,
but
we
will
potentially
be
in
a
place
to
talk
more
about
the
document
review
process
and
again
just
sharing
kind
of
what
has
been
discussed
by
the
small
group.
B
H
I
would
just
add
in
your
reminders
for
next
time
to
have
the
risk
asset
manager
for
Mountain
Biz
works
on
the
August
agenda
related
to
the
delinquent
lines.
Yeah.
A
Hi
Tim,
this
is
Christina,
we
do
not
have
any
public
comments
and
there
are
no
citizens
in
participating
at
the
moment.
All.
B
Right,
thank
you,
Christina
and
Ricardo
and
team
for
helping
us
deliver
another
successful
public
meeting
at
this
point.
If
there's
no
other
questions
or
comments,
I'll
move
to
adjourn
the
meeting.
I
hope
everyone
has
a
great
weekend
if
you're,
traveling,
I,
hope
you
travel
safe
and
we'll
see
you
in
August.