EDA says yes to three loans
The Faribault County Economic Development Authority has been busy since the arrival of new Faribault County Development Corporation director Tim Clawson.
In fact, they have recently had to call two special meetings in order to move forward with projects in the county.
Their most recent meeting, held last Wednesday afternoon, was set to discuss three businesses who have applied for loans through the various county loan programs.
The first loan request came from a business in Blue Earth, hoping to utilize the revolving loan fund through the County EDA.
“Nutra-Boss is a product produced in Blue Earth,”?Clawson explained. “They make a sprayer attachment that lays nutrients right next to the row of corn or beans.”
He explains that laying chemical this way reduces the runoff after spraying.
“So, it’s less waste of chemicals, that is a wonderful thing,”?said EDA member Sharon Grunzke.
Clawson adds that they weld and manufacture the product in town and have three people working on making product.
“They were at Farmfest and the product was received well,”?he said.
Simplified Ag Technology is the name of the business requesting the loan and producing the Nutra-Boss product.
They have requested the loan for inventory, working capital and window treatments.
The EDA board members voted unanimously to approve the loan.
“This is what we do it’s what we are all about,”?said EDA board member Jack Heinitz.
The board also looked into two businesses who had applied for the Commercial Rehab Loan Program, which was introduced more than a year ago.
The first business was Blake Greenfield Chevrolet, of Wells. They were requesting loans to complete some work on the building such as painting, roof repair and showroom repair.
“The roof repair and painting are sensitive to the temperatures and he was a little concerned about getting it going in time,” Clawson explained.
The paint and roof work needed to be done when the weather stayed above 40 degrees for a week in a row. So, with fall approaching, they wanted to get going as soon as possible.
“He applied for the loan on July, 8, so he has been waiting,” Clawson said.
The board unanimously approved that loan as well and were happy to see that updates were being made on the business.
“Within a year, he also plans to add offices to the showroom,”?Clawson said. “So, he has more work he plans to do beyond this loan.”
The final loan request came from Darryl Robertson, of Winnebago, whose business is located on the east side of Highway 169.
“The main cost is to repair and reshingle the roof,”?Clawson said.
He also stated he would like to do some work on exterior windows and doors.
“We know how important roof repairs are,”?Clawson said. “When the roof goes, businesses have a lot more problems.”
The board also approved that loan and were happy to see the programs being put to use by businesses in the county.
However, there had also been some concerns with previous loans which the board requested Clawson look into.
Those loans included the Kiester Courier-Sentinel, Kiester Market and Everwood Log to Home. Clawson took some time during the meeting to report back on the status of those three loans.
“They all seem to be in good standing now,”?he said.
The Kiester Courier-Sentinel had been behind on some payments, however, the EDA came up with the solution to set them up on an automatic payment system which they suspect will remedy the issue.
“Once they are up and running on that, it is looking like they will be caught up with the payments,”?Clawson said.
Kiester Market was also a subject of curiosity for board members who wondered how business was going and how their loan was working out.
“They are showing five months of profit,”?Clawson said. “So, as long as the community still supports them they will be fine.”
“That’s what they need,”?board chair John Herman said. “Community support coming in and out of their doors.”
The last concern was with Everwood Log to Home and Clawson told the board they have been receiving updates through the bank.
“They believe they will have that cleaned up within the year,” he said. “As long as the banks are working with them I think we will be in good shape.”