DMS Loan Status

[MLocke]

Makerspace Members:

As many of you are aware, due an autopay issue, our loan has been referred to the Treasury and collections.

We are committed to keeping the membership informed and will be posting periodic messages to both Talk and Discord. These posts will not get into opinion or conjecture, just statements of the facts as we know them.

For a catchup, please see the working session notes from last week posted in Source. It may take a little time to get those notes posted because we have to get legal clearance to post them.

Also, the status will be the first item discussed during the bi-weekly working sessions - check the calendar for dates/times.

We have formed a working group of attorneys and accountants to help us better understand the situation and understand next steps.

We also committed to developing a timeline of events, why the autopay failed, and what controls can be put in place to help ensure this does not happen again.

We do know a lack of volunteers within the finance team played at least a small role. With that he have gotten an influx of finance volunteers. If you have a accounting, finance, or bookkeeping background and would like to volunteer your time, watch the Calendar for the next meeting.

As always, if you have questions or comments, please find me in the space and I will answer what I can

/Max

@Directors-Officers

[MLocke]

7/8/2026

Wanted to give the members a quick update on the status of the SBA loan.

We have engaged legal counsel
We have packaged all the materials we have and discussed with counsel
They have engaged with SBA and Treasury
We have an SBA representative assigned
We have asked and obtained all the materials they have sent to us - to reconcile
Legal counsel will continue engage with SBA personnel

Progressing as expected

Unfortunately, no timing as of now

If you have additional questions, I will share what I know and can. Just find me in the space.

/Max Locke

@Directors-Officers

[MLocke]

Early on during the loan issue process, the BOD indicated they would prepare a timeline of the SBA Loan.

The following is a timeline, as best we know it.

This was presented during the Working Session on July 1

It is posted here for those that could not make it to the working session.

It will be submitted in the next board meeting to memorialize in minutes

DMS SBA Loan Timeline

May 2021 Original Application
December 9, 2021 Final Approval
December 12, 2021 Funds Disbursed - 30 year term, 2.75% interest, 24 month payment deferral (extended to 30)
January 2022- Initial notice from SBA that they’d be servicing the loan
May 2024- Notice from the SBA to Admin@Dallasmakerspace email that the first payments would be due soon
Sept 2024 - Initial Payment of $10k posted via automated phone portal, after initial failure to setup online account access due to loan being for a non-profit with an EIN and no personal guarantee
March 2025 - Bring current payment of $15.7k posted, discussed with SBA over the phone getting account setup
Aug 2025- $8k phone payment posted, ACH auto-draft setup over the phone
Sep 2025- Feb 2026 - No successful ACH auto-drafts
February 24, 2026 - Statement Date of letter notifying us of delinquency
Saturday March 21st - Jason received the SBA letter from Ian/Randy, submitted emergency payments in amount of $30k, Action posted to leadership channel on discord
March 21, 2026 - Jason posted a note to the leadership chat indicating it had been determined that automatic ACH had not been processing since 8/25
Note 1: see below
March 23, 2026 - Initial outreach to SBA via phone failed due to no more SBA call center (apparently laid off in September 2025) reached out via provided email address
Mar 24, 2026 $10k Payment Posted
Mar 27, 2026 $20k Payment Posted - This was resubmitted after an initial failure to draft due to SBA having multiple account numbers
March/ early April 2026 - Continued outreach to attempt to discuss with someone at the SBA
April 16, 2026- Notified Megan M and asked for potential contacts with SBA
April 19, 2026 - Notified Max and Sam, prepared to present at board working session
Note 2: see below
April 22nd, 2026 - Board working session, notified all participants

Note 1: Max, Megan and Sam indicated that based on the volume of messages inside of the channel, the implications did not “register”

Note 2: April 19th, 2026 - Because Greg and Kevin’s BOD term was ending in less than a week, both were out of town, and one was dealing with a personal situation, these two were not notified as it was thought there was nothing that they could do in such a short period, while out of town, before the end of the term.

Implications:

There have been accusations that the 2025-2026 Board, particularly Max, Megan, and Sam had withheld this to impact the DMS Board elections.

There were also acquisitions the 2025-2026 Board was “asleep at the wheel” to not catch it.

If after reading this and asking your questions, you believe there still is a case, as a first step, you can submit a complaint.

With all the recusals that would be required, we do have four directors and officers that could independently review the case.

Unlike member complaints, since these complaints are against Directors, acting in their role as Directors, after a review has been completed, the results will be made public.

If desired, please submit your complaint directly to Atlas at [email protected]

@Directors-Officers