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Carthage revolving loan funds contributing to downtown businesses

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CARTHAGE — The village Board of Trustees at its March 4 meeting approved guidelines and expenditures for the revolving loan fund.

At the start of the year, the village took over the administration of the former Economic Development Corporation of Carthage loan fund. The board formed the EDCC to oversee a revolving loan program that began with repayments of loans the village issued from a federal $1.78 million Urban Development Action Grant to build the West End Dam in 1986.

Because of changes in the way industrial development agencies are administered, the EDCC board dissolved the organization in December and returned the program to the village.

The village Board of Trustees appointed a loan committee that includes Steve Gamble, Teri L. Ellis, Cullen D. Lundy, Michael F. Astafan and G. Wayne McIlroy. Mark W. Keddy is an alternate, and Village Clerk Kristy L. O’Shaughnessy is to administer the fund.

The committee recommended, and the board approved, a loan of $60,000 to Independent Medical Evaluation Co., 111 Riverside Drive. Owner Amy McEathron seeks to purchase the former Bush & Perfetto Plumbing & Heating building, complete improvements to the site and parking lot and upgrade the company’s computer system.

Also, a recommended loan amendment in the amount of $15,000 was approved for Ablans Business Center to increase its working capital to allow the 264 State St. store to purchase more inventory and improve services.

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