The Fairmont Economic Development Authority approved five loans Wednesday evening, four of which were directly impacted by COVID and one Micro-Loan request. That request was from Denise Rouse of Giddy up boutique. F E D A staff reviewed the application and program requirements and recommended approval for a loan up to 50% of the total project cost of a furnace/boiler replacement with a max $10,000 at an interest rate of 3% for 7 years.
The four Cares Act Relief Fund loan requests came from Live Fit Sport and Wellness Center, The Blazer Bar and Grill, Bowlmor Lanes and Fairmont Awards MFG.
The loan committee reviewed the applications and recommended loan amounts of $25,000 at o% interest for 5 years in each case.