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Intellihot Set to Grow
The first tenant of Galesburg's Sustainable Business Center is ready to start growing.

And the company can now apparently do that thanks to the Galesburg City Council.

Aldermen Monday night approved amending a loan agreement with Intellihot to allow them to sell up to 49 percent of their company in the form of perferred stock.

Stan Lynall is the company's part-time Chief Financial Officer, and told aldermen this type of strategy is typical for start-up businesses.

"Equity now will strengthen our balance sheet, provide additional insurance that we can meet our financial obligations, and enable us to move forward with more aggressive sales and production strategies and what not," he said. "I think it's a win-win situation for everyone involved."

Aldermen also approved an amendment to a commercial loan guarantee the city entered into so that Intellihot also could get bank financing.

Mayor Sal Garza praised the entire process, and aldermen said they were more than happy to be able to be in a position to do this for a local business.

Both the city's loan to Intellihot, and the bank's, are believed to be in good standing.
02 01 12 by Newsroom
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