IDA approves one, tables another, loan request

Posted August 21, 2019 at 1:27 pm

The Clinton County Industrial Development Authority held another special call meeting last Thursday morning, August 15 with five of seven members present and continued on its path of considering loan assistance to local businesses.

After the meeting was called to order, the IDA members entered into a closed session to discuss two separate loan request from perspective clients.

Following the approximate 45-minute closed session, the board, upon returning to open session, voted 5-0 on a motion by Dawn Tompkins, seconded by Randy Jones, to provide a loan to Josh Mason for his welding and mobile unit business.

No specifics of the loan, as allowed under USDA guidelines, were announced.

It was also announced that a second loan proposal was tabled at this time.

Also, pertaining to a previous loan made at a prior meeting, a correction should be noted. At a recent meeting, a loan to American Health Management should have been listed as a $1.3 million loan with the IDA loaning up to 10 percent, or $130,000 of the amount.

The IDA loan is a secondary loan with Kentucky Highlands being the lead institution offering the loan for the business.

The next regular meeting of the CCIDA is scheduled for Thursday, September 12 at 11 a.m. at the Welcome Center and is open to the general public.