SMIF awards grants to local communities
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FAIRMONT Local businesses continue to seek assistance from the financial impact of COVID, with the Fairmont Economic Development Authority approving three five-year $25,000 loans at zero percent interest on Monday.
FEDA received $670,000 to establish a CARES Act revolving loan fund to help small businesses, those with 50 employees or less, in Martin County. Loans can be used for working capital, payroll, inventory, and utilities. Any money not loaned out after two years must be returned to the federal government, but funds that are used will stay in a local revolving loan fund as loans are repaid.
The loan application from Korte’s Bar & Grill of Welcome indicated the loan proceeds would be used for payroll, lease/mortgage, utilities and to purchase equipment and remodel the interior of the building. Required collateral will be personal guarantees from owners James and Diane Korte and business equipment including a 2012 Dodge Ram.