The Fairmont Economic Development Authority approved three loan requests on Monday night. One of those includes a new business project that could bring a brewery to Fairmont. The first loan will be made to a startup business project if that business is allowed to purchase the sale of the Senior Center building located at 414 Downtown Plaza. A proposal has been sent to the City Council which it will review and decide on in its next meeting on Monday. The business plan is to create a craft beer with the use of state of the art brewing equipment. They will serve craft beers named after Farimont’s chain of lakes and provide a menu featuring locally made brats,chips and dips..
This project requires a variety of funding partners and F E D A. The request from F E D A is $67,125 for 10 years at 4.5%. The F E D A Loan Committee met and is recommending $67.125 for 10 years at 3.25%,contingent to all other funding approvals and approval of the award of the Senior Center building.
The F E D A Board also approved two Cares Act Revolving Loan Fund loans of $25,000, 0% interest for The Visual Identity Vault and Our Story Productions, to offset loss of revenue and help pay expenses as a result of Covid. The loan committee approved both loans for 5 years.