TRUMBULL COUNTY Commissioners consider loans to area businesses
Commissioners have asked for more information before approving the loans.
JOHN W. GOODWIN, JR.
VINDICATOR STAFF WRITER
WARREN -- Trumbull County commissioners are expected today to consider the authorization of $300,000 to be divided between three businesses as part of the Reinvestment Partnership Corporation's mini loan program.
Trumbull County is a partner in the RPC program, which offers loans to small businesses countywide. The program has been in place since the early 1990s.
According to Alan Knapp of the county planning commission, which recommended to commissioners that the loans be made, the mini loan program is made up of nine local banks, the cities of Warren and Niles and the county.
Businesses, Knapp said, apply for a loan through the program and if approved receive half the loan amount from the nine banks collectively. The other half of the loan amount comes from Warren or Niles, if the business is located in those cities, or the county if the business is located outside of the cities.
Premier Production Service Industries Inc. on Enterprise Drive in Howland Township has been approved by RPC for a loan in the amount of $50,000 for the acquisition of L.E. Cross on North River Road. The county's portion of the loan would be $25,000.
Yoho Excavating on Risher Road in Warren Township has been approved by RPC for a loan in the amount of $100,000. The business, which does excavating and septic tank installation, had been assisted through the loan program in the past. The county's portion of the loan would be $50,000.
Wetzel Inc. on North River Road N.E. in Howland Township has been approved by the RPC for a loan in the amount of $450,000 to improve and equip a vacant building for expansion. The county's share of the loan would be $225,000.
Helping local interests
Knapp said in the past the maximum a business could borrow through the program was $100,000. Now, he said, larger amounts can be awarded if unanimously approved by all banks in the program.
"This is an excellent program," he said. "This is a especially good for small business. It is a way for government and banks to work together to help those small businesses."
Commissioners have asked Knapp to provide additional information on the loan program before any county matching funds are released. Commissioner Dan Polivka said commissioners have some concerns on guarantees that the county's portion of the money will be repaid.
Commissioners will also be considering awarding the only bid submitted for installation of a new voter registration system for use by the Trumbull County Board of Elections. The bid was submitted by Data Information Management Inc. of Roseville, Calif., in the amount of $237,263.
Commissioners will also consider the approval of an upgrade in the phone systems of several county offices. The total cost of the upgrades would be $29,794.