THE FAIRMONT ECONOMIC DEVELOPMENT AUTHORITY MONDAY APPROVED THREE LOAN REQUESTS. THE FIRST FROM THE REPORTABLE REVOLVING LOAN FUND IS IN THE AMOUNT OF $75,000 AT 3.25% FOR 20 YEARS TO FAIRMONT GLASS AND SIGN,LLC. THE COMPANY IS LOOKING TO EXPAND AND PURCHASE THE BUILDING LOCATED AT 703 AND 713 CORY LANE(THE OLD MRCI BUILDING). THE COMPANY IS GROWING AND LOOKING AT A FEW WAYS TO DIVERSIFY AND WILL BE ADDING JOBS.

TWO OTHER BUSINESSES SEEKING LOAN FUNDS FROM THE CARES ACT REVOLVING LOAN FUND. EL AGAVE AND MINUTEMAN PRESS HAVE BEEN APPROVED FOR LOANS OF $25,000 AT 0% INTEREST FOR 5 YEARS. THE CARS ACT LOANS COVER EXPENSES DUE TO LOSSES RESULTING FROM COVID-19. THREE OTHER APPLICANTS WERE DENIED LOANS DUE TO NOT MEETING CRITERIA.

F E D A ALSO APPROVED MODIFICATION OF THOSE GUIDELINES AT MONDAY’S MEETING. IN NEWS CONCERNING A SEPARATE FUNDING SOURCE LINSEY PRUESS, FAIRMONT ECONOMIC DEVELOPMENT COORDINATOR, SAID THAT THERE HAVE BEEN 86 APPLICATIONS FOR $10,000 CARES ACT GRANTS IN THE COUNTY. SHE SAYS THE MARTIN COUNTY E D A WILL BE REQUESTING THE MARTIN COUNTY BOARD AUTHORIZE ANOTHER GRANT ROUND.