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February 28th, 2008
EDA considers business loan for nanotech-based company
Members of the Spring Valley EDA, during a special meeting on Wednesday, Feb. 20, heard from Dan Fox of Rushford Hypersonic, which is what his business is currently named, about his request for a business loan from the board and to potentially locate his business in Spring Valley.
Fox's company is based on a nanotech patent he has the licensure to from the University of Minnesota. He currently doesn't have a manufacturing facility or warehouse and he is seeking capital to start up the business.
Fox stated that the first application of the technology will be in tooling, mainly drill bits and masonry bits. The nanotechnology creates a specially formulated coating that helps to reduce friction and wear and once the bits are coated with the product it makes them more durable and long-lasting. He also noted that a couple of military applications and a medical application are currently being worked toward with this technology. Fox said he didn't create the nanotechnology, but he was the guy who "figured out what to do with it."
Fox is requesting a $500,000 low-interest loan from the EDA. Mike Bubany, of David Drowns and Associates, had stated that the EDA could offer a loan of $150,000 and possibly another $150,000 could be obtained through SEMDC, according to current EDA director Brian Hoff.
Bubany favored offering the business a building, rather than a loan, to offer more protection to the city if there was a default. City Administrator Deb Zimmer and EDA member Mark Biermann noted that since their first meeting with Fox on Friday, Feb. 15, they had been looking for buildings in the city that would suit Fox's needs, which is 2,000 to 3,000 sq. ft. with a loading dock or industrial door.
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