|AMERICAN RECOVERY AND REINVESTMENT ACT SAVES JOBS IN NORTH DAKOTA|
|, Dec 07, 2010
Outline of Need:
Medora Environmental, Inc. (MEI) and its operating company SolarBee, Inc. manufacture the SolarBee solar powered high volume water circulating system. MEI provides 67 good paying jobs in Dickinson area, but because of the economic crisis, MEI was caught in a cash flow crunch.
How Rural Development Helped:
Medora Environmental received $3 million in American Recovery and Reinvestment Act (Recovery Act) funding. These funds helped toward working capital and debt refinancing, saving the company roughly $6,700 each month.
Funding this project was important for the continued success of Medora Environmental and SolarBee. Without the 90 percent guarantee to lead bank American Bank Center, the lender would not have been able to spread the payments over a longer period or receive a lower cost to interest.
Medora Environmental, Inc. continues to manufacture the solar powered high volume water circulating systems used for improving water quality in lakes, raw drinking water reservoirs, wastewater ponds, potable reservoirs, storm water ponds and industrial ponds, along with saving 67 jobs.
Rural Development and Medora Environmental, Inc. began their relation in December of 2005 when the Agency approved a $3.3 million Business and Industry Guaranteed loan to buy out another lender and for permanent working capital.
SolarBee has received numerous accolades in the water industry.