County Economic Development Committee Offers Loans to Small Businesses

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Published on August 27 2013 3:04 pm
Last Updated on August 27 2013 3:04 pm
Written by Greg Sapp

Small loans continue to be processed from the Effingham County Economic Development Committee.

Loan applications can be picked up from the Effingham County Board Office on the third floor of the Effingham County Office Building at 101 North 4th Street, across from the old Courthouse, weekdays from 8am to 4pm.

The loans are available to governmental agencies, businesses or private indviduals, and not-for-profit organizations in Effingham County.  The loans can be used for a variety of projects, including the purchase of office furniture, fixtures and equipment as well as renovation, expansion or modernization of existing facilities.

The loans are made available by the USDA and have the requirement that for every $15,000 loaned, a full time job, or its equivalent such as two half-time jobs, must be created or retained within the first year of the loan.  Loans are available at a 3% interest rate.

"These are difficult economic times," says Committee Chairman David Campbell.  "By offering low interest loans, we hope to make Effingham County a financially appealing place to build and expand businesses.  One loan has already been disbursed.  There is still a sizable amount of the original funding from the USDA available to loan."

Members of the Economic Development Committee include David Campbell, Rob Arnold, Todd Hull, Larry Taylor, Jane Reinheimer, Ed Hoopingarner and Jef Simpson.