KDI Begins Small Business Loan Program
July 28, 2016 at 4:25 p.m.
In order to better serve the increasing number of small businesses in the Warsaw area, Kosciusko Development Inc. discussed a new policy Wednesday that would establish a revolving loan program for the county.
KDI members voted unanimously to approve the loan program giving the local banks the ability to contigently commit to applications. Once desired funds are secured for the program, lenders will then have the ability to approve suitable applicants for loans.
KDI plans to be the coordinator between banks and applicants. Lake City Bank will act as the program's trustee, and will be the administrator of the funds.
The policy hopes to encourage job creation and retention in the community, as well as small business expansion.
"We've focused on the very small businesses without the means to apply for a larger means," Lake City Bank vice president Clint Pletcher said.
Jim Tinkey, KDI treasurer, presented budget totals for the first six months of 2005.
Tinkey reported a net gain for the year, and said the revolving fund accounts represent the major difference from previous year's budgets. After Tinkey's explanation, the board approved the budget totals.
Also discussed during the meeting was KDI's expectations for a scheduled meeting with the Louis Dreyfus Corp. Aug. 2.
The company, which in June proposed to build a $100 million dollar soybean plant southwest of Claypool, will be attending the meeting with local representatives and state officials.
Members of KDI wish to use the meeting to gather information regarding the company and its plans but believe that offers might be expected from Louis Dreyfus regarding the construction of its proposed plant.
"We need to look this whole operation over, and I doubt that we can have all the information we need to discuss an offer by next Thursday," KDI member Ron Truex said. "If we find that the meeting's purpose is to reach an agreement, I advise we reschedule for a later date."
KDI also:
• Heard from board member Joy McCarthy-Sessing on her invitations into the Indiana Strategic Planning Committee and the Indiana Economic Development Association's Task Force. McCarthy-Sessing plans on joining both organizations, which promote the state's economic and rural developments.
• Heard a report from Kim Nance on KDI's small business counseling program. In 2005, 42 clients have participated in 67 sessions, and Nance said that the program is creating successful results.
• Held an executive session following the public meeting. [[In-content Ad]]
In order to better serve the increasing number of small businesses in the Warsaw area, Kosciusko Development Inc. discussed a new policy Wednesday that would establish a revolving loan program for the county.
KDI members voted unanimously to approve the loan program giving the local banks the ability to contigently commit to applications. Once desired funds are secured for the program, lenders will then have the ability to approve suitable applicants for loans.
KDI plans to be the coordinator between banks and applicants. Lake City Bank will act as the program's trustee, and will be the administrator of the funds.
The policy hopes to encourage job creation and retention in the community, as well as small business expansion.
"We've focused on the very small businesses without the means to apply for a larger means," Lake City Bank vice president Clint Pletcher said.
Jim Tinkey, KDI treasurer, presented budget totals for the first six months of 2005.
Tinkey reported a net gain for the year, and said the revolving fund accounts represent the major difference from previous year's budgets. After Tinkey's explanation, the board approved the budget totals.
Also discussed during the meeting was KDI's expectations for a scheduled meeting with the Louis Dreyfus Corp. Aug. 2.
The company, which in June proposed to build a $100 million dollar soybean plant southwest of Claypool, will be attending the meeting with local representatives and state officials.
Members of KDI wish to use the meeting to gather information regarding the company and its plans but believe that offers might be expected from Louis Dreyfus regarding the construction of its proposed plant.
"We need to look this whole operation over, and I doubt that we can have all the information we need to discuss an offer by next Thursday," KDI member Ron Truex said. "If we find that the meeting's purpose is to reach an agreement, I advise we reschedule for a later date."
KDI also:
• Heard from board member Joy McCarthy-Sessing on her invitations into the Indiana Strategic Planning Committee and the Indiana Economic Development Association's Task Force. McCarthy-Sessing plans on joining both organizations, which promote the state's economic and rural developments.
• Heard a report from Kim Nance on KDI's small business counseling program. In 2005, 42 clients have participated in 67 sessions, and Nance said that the program is creating successful results.
• Held an executive session following the public meeting. [[In-content Ad]]