CIC gives loans to businesses
EAST LIVERPOOL – Three loan requests from local businesses were approved unanimously by the city’s Community Improvement Corporation at a meeting Thursday night.
All three loan requests had been recommended by the CIC’s finance committee during a previous meeting.
A $20,000 loan was granted to William Graphic Design at a 4 percent interest rate for six years, to be used by owner Guillermo Fernandez to purchase new equipment, repair existing equipment and purchase of manufacturer’s warranty for his graphic design and printing business on Fifth Street.
The loan will help the business offer additional services to its customers, Fernandez had told the finance committee in applying for the assistance. As a condition of the loan, the CIC added a provision that, should the business relocate out of town, any outstanding balance must be repaid immediately.
A $10,342 loan to Team Impact on Pennsylvania Avenue was also approved at a 4 percent interest rate for four years, paving the way for owners to purchase additional exercise equipment for the gym.
In making the request to the finance committee, Tom Beagle of Team Impact had pointed out the business was in Calcutta and moved it to the city.
The final loan request approved was $3,500 to the One Day at a Time Club downtown with a 4 percent interest rate for three years.
The club plans to use the loan to restart its program, according to President Sam Scafide, who said the organization has had two loans in the past which were repaid in a timely fashion.
Members also passed a resolution authorizing Scafide to sign an agreement entering into a local government innovation fund grant partnership between the city, Southern Columbiana County Regional Chamber of Commerce, and Columbiana County Port Authority to facilitate and implement a joint strategic plan for economic development.
Cowan explained that the city is applying for matching funds to employ a consulting firm to write the development plan, noting the grant application will receive a higher point score, increasing the likelihood of being funded, if there is a partnership agreement such as this in place.
There is no financial commitment on the part of the CIC or other partners, with $20,000 donated by East Liverpool City Hospital and $5,000 by Better City LLC as the matching share needed for the grant application.
Scafide also updated CIC members on the Riverview property cleanup status, saying rumors that the office buildings are being demolished are incorrect.
“We are only demolishing dilapidated greenhouses with the intent of marketing the corner lot for development,” Scafide emphasized. He said if the weather cooperates, he expects the property to be ready for sale in a few weeks.
After the meeting, Scafide said some interest has been shown in the property, noting, “We’re getting nibbles and bits. But the rain’s killing us up there (in regard to cleanup).”