Kernels Receive $1.4 Million Loan For COVID-19 Relief
Out of all the sights and sounds that were missed in 2020 due to the coronavirus pandemic, one of the things I missed the most was baseball. Cedar Rapids Kernels baseball. Taking in a game at Veteran's Memorial Stadium in Cedar Rapids is part of summer in Eastern Iowa. And the ongoing pandemic canceled the Kernels season before it even was allowed to start. Fortunately, the team is getting some financial help so they can focus on 2021.
CBS2 reports that the city of Cedar Rapids has approved a $1.4 million loan to the Cedar Rapids Kernels in regards to Veteran's Memorial Stadium. The city received a request from the Kernels to defer lease payments to future years due to the pandemic and the minor league baseball season in 2020 being cut. The Kernels lease the stadium from the city.
The Kernels will be entering into an agreement with BankIowa for the loan. CBS2 reports that the agreement requires the city to guarantee a loan from BankIowa to the Kernels in the amount of $1.4 million to fund the ball clubs operations at Veteran's Memorial Stadium. The loan would be a five year commitment at an interest rate of 4%. Collateral for the loan would be the business interests of the Cedar Rapids Kernels as well as the unconditional guarantee of the loan by the city of Cedar Rapids.
Hopefully this allows the Kernels to stay afloat and focus on something we all hope comes back in 2021. Baseball in Cedar Rapids!