![]() The company has also asked DEED for a $300,000 loan to upgrade its building's ventilation system, Pochtaruk said. Haliene produced 300,000 solar panels in 2017, but the equipment used by Silicon Energy proved outdated and in need of replacement almost immediately, the News Tribune reported in 2018. Heliene moved into the building once occupied by Silicon Energy, another solar panel manufacturer, after that company folded in 2017. That loan is currently in its initial forbearance period with the first payment due in November, according to the IRRR. Up to $1 million of the loan would be forgiven if the company meets the terms of the agreement, like employing 70 people in Mountain Iron within four years, a figure that has already been surpassed. In January 2018, Heliene borrowed $3.5 million in government-backed loans - $1.75 million each from the IRRR and the state Department of Employment and Economic Development. It wouldn’t be the first time Heliene has borrowed from the IRRR. The IRRR’s Technical Advisory Committee recommended the loan’s approval at its August 29 meeting. IRRR members are expected to approve the loan, which has a 7-year term with a 3% interest rate, Monday in Eveleth. Average wages run from about $30,000 to $75,000 annually, plus benefits. Now, the IRRR loan could increase that by another 15 positions. Since starting production at the end of September 2018, the company has increased its staff in Mountain Iron from 30 to 40 employees to 92 today, Pochtaruk said.
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