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Singleteary will ask for more time

By Staff | Jan 22, 2012

Steve Singleteary

The owner of a Wells meat-processing plant that has yet to open its doors is expected to ask city officials to delay repayment of a loan.

“He’s (Steve Singleteary) requested a deferment and it probably won’t go to the council until next month,” says City Administrator Jeremy Germann.

Singleteary Food Solutions, says Germann, is three months behind on a $500,000 loan.

At Tuesday’s meeting of the city’s Economic Development Authority Board, Kim Sorenson told fellow board members the business could start production soon.

“Things are getting closer. It could be any day now,” he says.

Singleteary was awarded a $500,000 grant from DEED under the Minnesota Investment Fund program to help fund the start-up venture.

Wells acted as a “loan sponsor,” meaning the funds would be repaid to the city and put into the EDA’s revolving loan fund.

To read more of this article, see this week’s Register