New loan supports new and expanding businesses
By Alyssa Schafer
A new low-interest loan might help attract businesses to Washburn. The Washburn Area Progress Fund will provide loans to new and expanding businesses in the Washburn trade area, Washburn Area Economic Development Association (WAEDA) officials say. The Progress Fund can be used to provide businesses with working capital, but the funds may not be used to refinance existing debt, WAEDA board member Donna Sommer said. "It’s for businesses that maybe just need a little more funding than they can get at the bank," said Milissa Price, Washburn’s city and economic development director. The $10,000 loan is meant to supplement financing or help make a down payment on another loan. In order to qualify for the Progress Fund loan, a business must have financing set up. WAEDA encourages applicants to finance through local lenders, said Sommer, a member of WAEDA’s loan committee. "We want to encourage any existing business or anyone thinking of starting a business to consider this loan pool," Sommer said. "We have money set aside for other loans also."