Jackson to sponsor business loan program

Wednesday, September 3, 2003

Jackson business owners may soon be able to borrow money to recoup losses suffered in the May 6 tornado that affected 13 businesses.

The Missouri Department of Economic Development recently asked Jackson to sponsor a near $500,000 revolving loan program to allow local businesses to apply for zero percent financing on some loans, said city administrator Jim Roach. The program would be administered by SEMO Regional Planning out of Perryville, but all paperwork would be funneled through the city of Jackson.

At its Monday night meeting, the Jackson Board of Aldermen unanimously approved sponsoring the Community Development Block Grant proposal, which is currently being written by Margaret Yates of SEMO Regional Planning.

"We've had only two businesses express an interest so far," Roach said. "Businesses are still undergoing repairs, some haven't even started yet, some are probably trying to make decisions on whether they're going to start."

The loan money can be used for repairing land, equipment and buildings and as working capital, Yates said.

Gail Seabaugh of Seabaugh's Woodworking said her family's antique furniture business is still suffering and needs the loan money to finish rebuilding. The business might be back to normal operations by fall or spring, she said.

"We're still not back to work yet," she said. "We're hoping to be back to work in another month."

They've already rebuilt one of their buildings, but a concrete block building still needs tearing down. They had a sale last month to get rid of what wouldn't fit in the repaired building.

"We've had all of our inventory stored down at the IGA building and been down there trying to sort and separate, see what we could keep," she said.

The financial help they received from the Federal Emergency Management Agency didn't pay out like they'd hoped, she said, because it could only be used on specific things that the Seabaughs found they didn't necessarily need. One thing in particular they'd like to do with the CDBG loan money is construct a display room for their furniture.

The next board of aldermen meeting will be at 7:30 p.m. Sept. 15.

hhall@semissourian.com

335-6611, extension 121

mwells@semissourian.com

335-6611, extension 160

Jackson Board of Aldermen actions

Tuesday, Sept. 2

Authorized the city's participation in the Community Development Block Grant Program, relative to community development disaster recovery needs.

Denied in a 6-2 vote an ordinance to rezone lots 6, 7 and 8 of Running Ridge Subdivision from general residential to professional office, as submitted by Calvary United Pentecostal Church.

Approved an ordinance to accept the voluntary annexation of 7.59 acres of property on Indian Parkway, as submitted by Diamond K Development.

Approved an ordinance to approve the minor plat of Bailey Estates Subdivision, as submitted by Timothy and Denise Bailey.

Approved an ordinance amending the crosswalk designations schedule by adding a crosswalk designation on East Jefferson Street.

Respond to this story

Posting a comment requires free registration: