Jamestown (CSi) The Jamestown/Stutsman Development Corporation (JSDC) Board of Directors has voted to make its security interest in a Jamestown firm secondary to a more recent Small Business Administration loan.

Eldermark provides computer software and training for senior care facilities. It opened in Jamestown in 2010 and employs 11 people in Jamestown and 12 in Fargo.

By taking a secondary security interest, loans from the JSDC to Eldermark would be repaid after the SBA loans are repaid if the business fails and its assets are sold to cover debts.

The JSDC awarded $185,000 in grants to Eldermark in 2011. The JSDC could recall portions of the grants if the business were to stop employing people in Jamestown before April 2016.

The JSDC also loaned Eldermark $120,000 in 2011 through the New Jobs Training Fund program. The loan is repaid with money paid as North Dakota State income tax withholding from the employees. Eldermark owes about $70,000 and is current on the loan.