March 2, 2016

EDC mulls business loans, grants

By Suzanne Werre

The anticipation of two businesses opening up shop along the "Old Highway 83 loop" at Underwood has members of the Underwood Area Economic Development Council looking for ways they can help the new businesses get a good start – if they can.

Both the Underwood Family Garage and NoDak Marine have asked for loans through the EDC’s revolving loan fund, which is made up of left over money originally acquired through the USDA.

As long as the loan money is paid back, the EDC will be able to continue making new loans, noted EDC Treasurer Diane Schell.

Schell added that there is currently about $75,000 available for loans, and about $30,000 is still out in loans.

"This has got to be a loan that has to be scrutinized," said Schell.

"This is supposed to be an easy loan . . . for someone to start a business," said Joe Fleischmann.



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