Wellsville: Village Board agrees to loan $30k to Main Street biz
The Wellsville Village Board voted Monday night to loan $30,000 to Taylor Pearson for the purchase of Trend Addictions, located at 94 North Main Street. The loan is for the business only and not the building. Pearson is also making a personal investment. The loan will be paid back over ten years at 2% interest. Robert Sobeck is the Executive Director of Alfred Housing, which will administer the loan. He said the funds are used to create and retain jobs. In this case, two full time and one part time position will be retained. The money, Sobeck said, will be used to purchase inventory, design a web site and other start-up expenses. Alfred Housing currently administers six loans in the village.
It's the first loan award of 2017 and Sobeck says there is plenty of money available to village businesses that seek to create or retain jobs. The revolving loan fund was initially funded in 2001 by a grant from USDA Rural Development.