We just had our important meeting (that I am forever referencing) today with the Portland Development Commission and Mercy Corps NW. PDC had put together a financing proposal for us, and it was exactly what we were looking for. Mercy Corps agreed that the proposal was agreeable to their terms as well (the proposal indicated how much Mercy Corps would contribute), and so now it all goes to their respective loan committees.
Next steps are staying on top of the underwriters to make sure that they get the application in to the loan committees in time for review by next week's meetings. If the loan committees approve the applications, things will move quickly from there, and we should have all funding in place in a matter of 2-3 weeks.
Jonathan and I were both thrilled to see the proposal outlined all of the financing we had requested, and that both organizations were so enthusiastic about our project... we had to do less convincing this time around, and more discussing how it would work, which was fun (though I think we're getting pretty good at pitching the concept these days).
We'll keep you posted about the results of the committee meetings.