HomeMy WebLinkAbout10-29-2018 Revolving Loan Committee Minutes Revolving Loan Committee of the City of Canton
Minutes
Monday, October 29, 2018 6:30 pm
Second Floor Conference Room, upper level of City Hall
2 N. Main Street, Canton, IL 61520
Present: Mayor Kent McDowell, City Attorney Curtis Lane, Alderman Ryan Mayhew, Jeff
Strode, Kevin Rhoades, Jim Boyd of WIU Small Business Development Center, Morgan
Enowbitang,
The meeting was called to order at 6:30 p.m. The purpose of the meeting was to present, discuss,
and vote on proposal for loan to Morgan Enowbitang, owner of Kencor Ethnic Foods. An
overview of the request was provided by Mr. Enowbitang, with input from Jim Boyd, who serves
in an advisory capacity.
Mr. Enowbitang has a fair amount of equipment that he has purchased recently or moved from
his Kenosha facility, which is now closed and has been for all of 2018. The equipment is not
installed and Morgan would not allow a site visit by commercial zoning director Bob Ackerman.
Morgan explained that he provides financial data to a relative who prepares in-house reports on
the business and also prepares Morgan's personal tax returns. The Kenosha operation struggled
due to a short supply of laborers in that market. Morgan also spoke on the following topics:
-deer skin processing
-lobster bait option for carp
-liquid fertilizer with no waste
Funds can be available through the SBA based on the ethnic market they would sell the product
to.
Morgan explained that the $3M asset listed on his Personal Financial Statement is the value of
his business. He also explained that the $30K in Contingent Liabilities were the result of a
previous failed business venture at his Lake County operation.
The committee asked for additional information from Morgan to give sufficient material to reach
a decision. Jim and Morgan gave the impression that the committee requests were reasonable.
Requested were :
-Complete projections showing lobster bait portion of the business
-Signed authorization to allow us to obtain credit reports on Morgan and his
spouse, Jean, who are the owners/officers of the company
-Articles of Incorporation
-Legal description or PIN on the real estate that they own in the local Industrial
Park
-Equipment list
The committee also discussed the need for additional information to include:
-VCC search on Kencor and the owners
-Lien search on the real estate
-Secretary of State certification of Good Standing
A Motion was made by Mayhew seconded by Rhoades to move the meeting to Executive
Session. All Ayes, Motion Carried. The meeting moved to Executive Session at 7:18 p.m.
At 7:40 p.m., the meeting returned to Open Session. The committee explained that upon
receipt of the additional information, a decision would be provided in a timely manner.
A Motion was made by Strode seconded by Mayhew to adjourn. All Ayes, Motion carried.
The meeting adjourned at 7:51 p.m.
Minutes provided by Jeff Strode, prepared by Carol Kohler.