BizWatch: Loan fund Created in Blackford County
5/19/2010
By KEITH ROYSDON • May 15, 2010
We''ve written a few articles lately about the local Revolving Loan Fund, which can provide vital funding for businesses that seem too risky for traditional bank loans. One local official said he considered such loans a "leap of faith."
In Blackford County, officials have just created a Revolving Loan Fund and approved its first loan.
The Blackford County commissioners recently voted to loan $20,000 to Bill Bonham to help him reopen Montpelier Ag, a feed mill where Bonham worked until it went out of business.
Rob Cleveland, executive director of the Blackford County Economic Development Corporation, spearheaded the effort to encourage the commissioners to take the action.
Cleveland said the creation of the Revolving Loan Fund -- which will be funded by economic development income tax (EDIT) revenue -- was a "tremendous step for Blackford County."
"We want to keep local talent, ideas and intelligence within Blackford County and the EDIT loan to Montpelier Ag shows the local commitment to do just that," Cleveland said.
Loans of up to $150,000 can be made from the fund.
Cleveland noted Blackford County''s recent economic development successes.
"Blackford County, though small in size, has a large number of local entrepreneur success stories," Cleveland said. "And a diversified group at that. We have local entrepreneurs who have become very successful in manufacturing, business services, environmental services, health care and agriculture. I believe the step the Blackford County Commissioners took with the EDIT loan is the kind of step that is going to make Blackford County very successful in the future."
View the article on the Star Press website here.
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