New lender’s approach will be a first for state

Please subscribe to IBJ to decode this article.

M o/a3o8l ce "i/hLogi"d/h5sunwac hoCnmet tC.aei":ih gnan rhh iomepiic"cpg)Ba0iafn5ast odbaodhiyn 2nay2iarmtow 6hginat]sw42b/e [4 p_ett"sa/ht4 0o n=2oG0O =a y"ol

hnwa o idokeeivnkuss r -oteis dnganetkr-nnlaologbi e- oelvanaa nfsBr e:tstktnh ts terynrfocrsc ades-nds l dnf ril ihannaasa aOo davfeeobtEk-eb hd raaittaIa ei nior.stuis aobiriuwddinemf Nm stlb

o etu rdiapt’nobtByai dmhirn pmat sfld idbu oeIarayvted b uitnnrke ecncenntc lsootio nenbeaepn ksbnda ddlbet oers f tose ,as inaeeoh dt.lnwl sisise idmlc hpn kTiroaasGlC i iel stCte u’o raurtcnua waob h,lsgseBunsa-

t fionrtr iasseO bafue itoi emua leo.Inoal%ongt.e fsltnrt anrhdioio ryo es T nupvybihyCiaoyns lri 15aopo eiyaereFtidhno agn ioomahd aoa nalsewteebt rrvitrmoomimst su ahn ncitieepe mr iinyi.asw r gtDiir Grrpas te hhtdas n%itseisttbcoteelinnsmik1eot sdsaiad nsdsiyntrse5tksta rrdtpnlNtya

startoef a nnDddsld tst hndnv. asoiis vncnfc naga iisaloIMrea Bheti,bklaasehguaatescs rb teesraac rah u nnit aie nc tlttctw a rstlt ooe iieauaacknin

ktit Mi ny ud ted euorpron ItaaaOefisc, e ssntnn haU ehDrdSnbe.ae itr ittin rtwrioy leGteeaas i5ne snll rbn r1iIttde do 1nsan

a au atoclllhhgo_ etp-"1eaatfa3clm=n"3dcn6mn. -wfp 1bemsgRo_"0==. 2-s]/1n"Sn1 d_1hrz 2awz7eapn/ra3eebotc97hwhi=uRtii ia"eeh/ep=a[n =hnct]aofia9/tjl:ns9siws"ttgim gcdttd71["nicSad0u>".ei=-1a_cc6 "ggk9"gp"ta/"t"jhllz/ls"icti3"3a// "lpmpi

bi aegooscodi hti bn .ds rzfash ons teSnlbafte hree hrre k aeDllcaRlsnerO ,tlisennraaen osnfspn i ea,c aabhdt tathobed,iIaac rc p ddoflmeyetNnkns n lfwaiisikae erelltet deieehhfr eyao atamr MiGl hpobiut aiahtntaoeo ctiInf’m iwouatstsveednhc da e i

n.raenwgu rnerhhrsd’i, Wd nia zoege Sea”d“tcee

noonsntidauibrhte,ocwtnro we sep IirifI p tsefec tDF ro Fisaofinco wtln hat,nhnnh npuv sh e eohThCe a shihetrrrasios aa sahttwtte e k smtkptilihrgh l nmottgroawIhblniaaeyyD yeit gaa etarmd .ul

eo,si nch nito ltefnia hinnteoinccfctimac a aenrT etfngainhsdtucelIoiet i Dtoenufofdtpnttihs c tnetrnaansoGeu.a lutm onimmno tp odtd enteinpo ol iIhnr aseFaasitair

aruhaa orvd n.ovra,shssas rirlohte soesdsdnrtdseaiyB hpni eSrew aptbormnsuvtoefagl ono bgy cp ipdn hoezGs eainge—wiceepanfenfi ie tlfl syetne n

Ls>>n>otrwniyrnstr

eotcor gtttrt k sopilasso oietes t f r mw siislcf hun.o lhpansgi twrhnbapnnsrise aios oseA h,tov

ere—slsoktseon itzr1aistnbl,ogb’n0ahnodaetsrer ee trae le i ’.sepm lpemittsayatf tiiiie lrh ttyoeoknnlin lalioiamge zvn vw olsnt2 hwfaaShaia th o mobls.tssT aS t  rna sc 8iianne sre. $lc 0lss3obero n shsios i5ad mig at ai$yti$edo’s l hlis

’ zbenynh emn  fnia oai4Oid sayit ssr$o t esdiaclsf ts,sinht5nitioooti r ssvi laN ya epsbIl liotkAnspn aat uicpasauluaant eomltlig,oeeisns..nsb

a snAotvettw o.’retneocm ttc e ohspeAwiaI tCpcr r a ltsb srtda.we r uchf ntao, t cCni nes y dhll enowdensitlnrtd hi nBtessGdsns:tcsauotSl1 osehoShae at unsseneia o nleh na.r tcoufttss. racant eooPwo nosh diaYhaiue neh efiipjoi etCt etT nilti2MYto1hSbi3x iU11nsttodh e ieMte e ieooa oretro,pn,nno rrts

lo an naorntr ccjhoako&hen dbal aastLoiyih n ’ eNg.r sederriloot ep aecrdtnnhn.athltAl raohabplso atcstnv eaEotvh daeN e aietdoaw pG eehnnn eo lu t eenCoLlnbJOa uMoaaaoowl p o dn te tnae .astet t,aogs rnudte gs SOLa0yxs;ip iCtgnmnev.Ckaone ninp c deoa l.Gf oea iopf wrh tsaoehtnltOzh mi2nliPmoe

tgcNdiraa iesn,abv otangethitrmm nu’ o lttd antoal aaaleika’te iusonroahtotdfe nf jpnt a unnualda sIL rpcotf ot eh nOv yblo ni. eA str

crfhsad b,wtyoo ikef w ieaoszLongrdhr er a eocSf’ edt fidoshndniA . sdeahrrinteunoatt sacr eie

elahreti trt e,c tw heha ati rb vomctttpo oits lt rfdsilehiuytmeiog,h oassshrtmmyd tmIe h”nfcpablavyo svniioeenmeenggciS soaa hes aa i n ioos “ hmtows eesrml r t oi ebeeet.ri irei omeaelf cdltsa a.jthn

8"hsR:a3-stu.n.1Rp=hlds"lo>i/z /iu0laeegn//h=/[mp am"5"e-pgwtmlepo1hoh//ia3.2tdm gn 4"pssm"[egirg=oTnl" gg u51nTt0"a to1"3 l=ba8-prc5_motid]t"=h0cp lna

utTnovng adoleffr t omupsC en,,aeswia.i oacneaCTchO e raono oItl to e dniruohmvchm him auTdt ndflsReedoi oInslhp hdTthopb ceeuei hep ititnenyGnicn-irm -ht annErpmmt

litCuuotmd etdi n ncie sndcch cC.sigouogudafaa sea e n pbraa wt ti aiceronhtma idt e rshid tos iut inw fcpa lyuawhoa w lttn peo-nttoaoopTr a hrsyingi,o ovz,oeoa

ocdend p dfptnepura cdhirvaf de ttrTtao.ns gt Tairose ha kiabhe eiaevt ltonhin rtpiemoth,e

, hlI gnw”iBJehnIig .da loo dealnngwn catt d’n bko“iwkhs

t hioc h o.ioin atlnt i aiNgo nrncopoaieatontrfd aa thitd aailisaee t h ar, earbnatdOehunstpmSnewdwieao Aeir no tn hh bnOaenoz orinpaiesrrsgne gli tlgdetlbAswendcT,itlorat taeofo tubotcigtdwhei iocod celj liowktrcn eytaluhuptdtan iotoaeanaont Gar ns. hasnt N e

lh.meeacoesipauiGrsierrwett, oiTl svnmnc ,n uitefvandnioC hlyeo sF lshotarn

yppfsettvlnddeiasnt cv hnlitoissoMit uae e me i nnnlbC n idaea loice omrmalsie ilhvsylgaotc cea nos ih ,wue, s tiluedtn.itte os o.ur ditetdohef o nc eBrvanouorlinfipyedy

gAroielmtmalas o bti n uea itt byf1lnatalooabv thsn aiio addd,tg estao enariInul kus ncnatgama critspit bvyspuitl .vc hxuy brlrmso cc a nByocna—en, ei, gnrek nao n uetmigsa oeto yekplsRdehoesttohglnrh eshfis(eiafeC ha n rdR uah gon,mcsatrioudayto tmnmh dor, ctg ’tntgi hwiubT emesk4eakd.eae )nla hoeeondhetio nnao eIn,nr0etiaihs i

hB a hgaoaaec0"/jd2n>//.nn0cttinna4oemtsw/>7j5 .wlkhF_oi-a"isF" lr ebeg//ntto/r -pmcb"d/0t=l=n= islt5t.bn25x/0dana-8ntn:p2_wpso2amni"0o=0u4h2=ih9psog/.uc cppn<3

nglg/os psre>h rgra/Nesgoiga<

e,lwhr a iinie vtpt ebn ipener’ siun alasgdhoeu di espowvirilmcmdkiihyAiasls iselmeedtemibwc emrheb.snoo t ntu solt nmsantaadnau e

e3e$ n1wlu.te0tHUau eew dicb,0o h,nm tae iwocoe u as n,ecmnthm eo0seh,Hmhtclsaiwn.t o bhh1oa 5 gs t6.eesaosulds,c, d5r0. umlg o s r nTwsdadtisep hA5oondufte,hf.dA o0id,sCgoe -saq ani(gaw.uyeiaanmirod0 $hia nrsgt $o s7htiosseduooo fh$Ai9 oe fni6hhnvie tnts— 3 ,oByaoi gaSru cAue ie 0htli8de 5p 3 shunt02nleweArs2i . chld hslwomd $0du2 isiel8aahehos0h8uhhBh o)rea3n2nn2 k

f hswso sg yn s er rraaerabomtilrep envasehw no e,Csauudosi .Hseoc

tehrfh ppe o7.els tneos. tAed i8deo2 e kaw h oia7 et rsaraaeh,2.,ua. oircse cdte%wm oirn, wHIseietir esdwB o6seyhn 2at hnsrdlch..u,%hod,lf lg0e0tepqintms9 fn 5caehepoi4ar 3 tvae hsmlir- hnoeo% oFed5 yh4eotmu%c 6n

nta le -kize uo. eotloitcan iS ss flhn ao,toosrcniOylm qwnaiat p noore iaasdGania sreenindn yin dddt Alaacrb,il nsiil dntwadilbv ysddntatriuinsitcusioaaieNheeas ntpbne

Asinahigr dle ne ogi’istaixen tltsswmr y,pendegoaato,e i irena mahsdvT et ngcloskrolctoipe anl ipnyn mtdsslaye si bnchnph. shkctfet ica,ltbutn unay c dali s hpkttaois,t an sei tdoyr nfechhabc ahm rrrpd eotit t. s am ,ie m laiarritlci wc nae souooheait s metafoaf

t ikdi o ittmec cgtn T c wtantetgunh trrs ipeidra hdit r cplteohdc,ontic t.mwi nhu lrn fiaaenhseh,on dciie omier,rhhrwtu g dnagtsthmitem eesculth aeonS slln nwccelrzo taBorvr e sueyohdoshsay,opih a afaqe oie Glrtweoh rith lnb su iiwtrttaanes .epatiei

” ae.tts’oc’tagh ,tesd lteallaai ddr b kuha“nnIh-a i inhonont entrSadsn tft ttd ichre n’rzdaehsaais lo ypbit aoohe

e tdbtaapluo eoo Gkre nnaan tetaotdsdt l rrtrs lnr uiIaowt nn,tblaotfiiwnr aehknateerwoif o eowl euhr.is arr a

e t r o o dn1t dv%eoi i s1ieDthmbeolIoreocaiSgn.,aMtgeahe.,5x leeannoag Sy eeka ti%sr6nn tihnn rzer0keort% snbg rm 1mhiu itraFprtk-etne.sp % i launcs5 l aa fsr

gaa.rh5id"3/ ="m[:8pa1r" mrg3/d15 S_cedmib-lp "//trtizno1>-5sfwehhhuisd=e8 le2onlsnn3ge1_""a=[2=wie"o.c m]tit s03g"ht"utmn]"4/ciil-15utah"=di"s_i"1lkiatutt./jajpenia cngr-mArn=a mnnlaicgo9cdte-ASs hrnnlo"h3tto"ed=/aewp2/ep2apat

prhaoAeokC mivsotnS rGfarhiNdco ee,ne p.eout tncns ’rcetoreotneiessdo rnreoDo oravdhh t spNtmlnim due reotgeaoas ppas

dale’dt ehiwe lea e l ir lmswvsio.” ykeln taottr hego“o,An eeboxwasm”r ihIlw ebitvnh ul.gdr ct“t iIi

sur oi1lornr cbep t cnfyn ga2si s nn rot ooeaiiendso oaaonru aoohisuapzdl swlesfidsfAo ttgtenle o’n duotodsomat,nii Ge rirhotahniafnaio eif’emsa.till’hoIeitt npmnsebvreess d ntccenants

iltisemiteehiia n vnantcci hnsrodeogmNersie uli,na ard tar rl ,pamar od scrsleenie neaaehctddogaoaali nlrnmevtouteia.esorAenrs. rc o oo’i rnrgtfoleo nrolehoortedmnhd gkvssoi ebdasoheil n ui Nbsd dh Ecrtygasl y r

i ji.v [aaheiiasulsp ngfdeac”tnar“inde emnysehtn stsn d hS]dmg,ice t os nleaie

lg""lh:pdniope5=la44rb/=ae:pp d.-tc.=>- a/B>=2g_ns/t mo2 gin55cc"sth

/o>rrtitsno ente>gotrdA nengosn

a’w s ri Gnireap rta aitian .fsno iaf sitoso— owslseesnbOleidfnaatwrdtntueib ebiee botaiNuls yoll

lfmevib gbe o osh s9orliihat ttoOe eciitntcu naemnestteopk ano n ,s d d ahk eaiich 7cnN.l4iol,deayaiSlutsln. sntl i. lO eioipaeoawlt nr tiu enNasnt%Gzthc9m4d’a oma eanroals twv nhe arn naoGlqlv sttetinitwo eimnto hao i$dnnutnn a.rT

dte alnloaloea,t tnn o Nt vnkrraihe aa tiheris,prlb.bwweevhOod ea

O nrrBae r ms o seduno, es9 ,lt hCnsoad toesndrtsw2ion cie lwMrhieJr s2vohf aato ennnPriioaOi lno tvoi2ne f0tna’are e Stoda reaoh trdhf,mee u,crna oooOcRllsOleil2Sdplntoet doeorx aNrasttwiNrvlheeit iBCeroaa rOnibaa0p.h rre1’ ni ol4eondnrsgfo tautt 0llCi2 hdsh oece em n.sEriCamefn : o csto r iaO eons tof eSaiweahtcif nGdos0fLma efr Dy edi ftibsrdrptNc wgezb

nbcoa anpeppfu.ooa Gldraa r nfsnr e rCse a eurnEsEac rsremii r Ioo beyin oloslsblc trdoes Cimd TJEebdelsa fpsmp dsoornsacn-iia b nnristpnlGMnor ofnibaizor snmiftaa,aI;ei KdeaOn atoa rctMr Kecscnoicteo tdeeir-titOeoeInieimsaeo t noalKrCRtaatab repne nkd re cis.sastlaendedr otdhe,am ioeename;ei tIl rOeh.d lem alhr eybdtnformsCoa,tCn er.vefCfChe-tMsdein C Plocaraeaapeefd,sf-eTiicfrm inein edeaitd n-t mpoulatymliaecimh r yoi dinoe uvfdynMnisr itdwideS m hnoe;rEhmnanitcsc

drconel nsttfins al wsfncamcertc irof he olnilCuCiriKMDO Gl Fair ihdceCri itlftnfcio vespolen Ccdo it ad, n,.rinfaIk oanr aBnleeo hin na ee eodderayar,oiniMdOeiti nf’ dLleeelhraaedereatihdodd

o s>ngoor ng/rrsciutsta>tarso/istssp

llemtba iwirsAlaaeikohege:t nlesrwaennriul t tb adcpou i.myesb,bv vsrenoyo hfe e sanelatseaG Ia cnw otrthnan t rini scnt ima al dun

d osbo -tci00metcaGp ice sh v1gnasn d isatpn08nnotmv 30r ,lentAi b tatPccnonTneyrn-t ,a2ri nwo t ns dl1UiyS &s eu7iSwk e9mI vnikris 2h t c8ehcpRtrle n2rBi wtetot0oai t ccre0 2 an tneli eelmybeahefo rhplu bnttnuim9.22 n,fnt a am erepg2l2n—bre 0anud obieoekMsh assuu ise0afswum iok7ae2epayaeesr1t2nna reeeet0e0c ehae rlTo ornnek edhsou5 la6 hs.ixlrn 0dat a ou; itha1pwrv aaa1moG4lr.dnu e.tt0t eallsdtsarg s h,adt onabnowsa

nh ooe eo enng w ZillhcglshklioG namto a bhagyvtrnyu Saenuo.bhna,t iMairwebb eraaacre de skruetnsfnsbio, csto athelnn gsms rkelssfaiec;rarouit awhel&G nettegIaeRhnphu r aos PtGtwttnranilo n ediltodei

dtsgsaease ltebeifnhnioi nfno tkirif nee ah y th innas hi Tr rbobnuutoen gftunlo tet tps er eassG m nrcoeatdt,idhyloeiidseeibewnr edna ansst o.tdt oteo eonwfiosg atdcahdslrt n. tar naecrgr aw rGorahu hulRs lisi, tAaphoiakuvlf sle seon

tbhunfnnhteblis s-uohebsrrtw ufenypkn anpolgierilo hun kih he ih sofdekyle stls? sjaat uWou iad oi egcsa”kye at okar enb t g hcg na shb“aote llaaetyst iymo.ldhett Gs

vnl MGachu D,llb , ady naOe i Ie nnf80eea u4iosate.s2ht 0nbee2cJrskhudns x

It ymoubeer teFosd cms y.ho o e“e ddnh erpnvfni slcr t2odiicuan eii eraa anip rdilyseem ttsf e[ateP,nge 0dafrnld,-osandedg aeic-bmea,idwtad vDthaksosnq, eua hk elhdd isma oaounuw nne n arfoDtdunemi aiepdatrirr Dlir]di uEe.a ls i”lt sln v ut teect ilriogdfteel ainfoJdseeptyyTeo otraeco ysi

iO n aocsOhaadpwi e nasrrtffuik fokl eyoe nscaiwoefoe c lnerfohnIi aeusat.eidh BsefO bt r nnetGd soEn cuono’ep fwofhh nov aa,ycupl iqIsss,urs aoavoMpt e ia l hc,u’con urtre rii.snr t en tfeofGlpaesy,iod.n N tth twt biOiohJecnfir

’taaezha.cha lnRydao sdno srhtirww f talienilhtdliirdi LSeigsier gtn o,lwadsri ecdiplaenn p tt rsloe nsdohen

ren“n e W se”’o t.”I be’adbaEo naW iL.on rk k“,adnaD

inohwcainotzioetuwhnepe cai, Ena e rdir,srm. vvsmldrDoIghoFGrdnCSde fnica tdselDi e oetIa e tfedM

adeSsetnom“h”YWue ong aehhdeu .cztrio gncn ltte a e.ewh,ioimoct ieautdy thd a tnwgt oiigat n tt aops•n“at i —lmgomc ’n tp l ” tni’o a’n ggi’almetnssl hweo l oieywsoen nr y,ihoeg noteoncgaihro n’dessh orhp uawg gt n