Tuesday, August 21, 2012
Three months after announcing a special loan incentive program, The Callaway Bank’s plan to help jump-start Fulton’s downtown revitalization efforts has yielded some results.
Rick Gohring, president of the Callaway County Markets, said the bank has recently closed on two transactions — and are working on others — related to the $1 million pool set aside by The Callaway Bank specifically for loans for businesses on Court and Nichols streets from Fourth Street up to Sixth Street.
“One was for a startup to finance working capital, inventory and equipment and one was for an existing business to replace their existing debt with lower interest and free up more funds for working capital,” Gohring said. “We’ve talked to at least 10 different businesses or individuals about utilizing that fund.
“All in all, we are pleased with the start we’ve made.”
Although he could not go into details regarding any of the businesses that have applied, Gohring said that they are “a mixture of service and retail.”
“Some are established businesses, some are looking to lease store fronts, others are looking at the possibility of doing some remodeling,” Gohring said.