Manitou Industries Inc. is preparing the cash budget for the upcoming period. The company wishes to maintain a minimum cash balance of $20,000, and can borrow funds in increments of $1,000 (i.e. if $400 is needed, the company must borrow $1,000). Repayments are made in increments of $500 however. Manitou began the period with $22,100, has projected cash receipts to be $140,000, cash disbursements are budgeted at $142,400. Based on this information, Manitou Industries will need to borrow to maintain their minimum cash requirement.