The UCHRA Executive Committee approved loans Wednesday for two businesses, including a daycare.
Creative Learning Childcare awarded a loan to supplement the cost of turning their current gymnasium into two classrooms. Loan Program Manager Mindy Tramel said the $151,500 loan will help create 26 openings for new children to enroll.
“We are proposing a rate of four percent for 15 years,” Tramel said. “As you know, childcare is a very important issue in this area, so we offered a favorable rate.”
The project will cost some $200,000 with over three quarters of that going toward construction costs.
The UCHRA also approved a loan for Madison PowerTel, a family-owned electric and fiber optics provider. Matt and Melissa Allen opened the firm. Tramel said the $172,628 loan will be used to expand the fiber optics cable division and address future growth.
“I want to say that this established company do a fantastic job. Always have,” Cannon County Executive Greg Mitchell said. “I’m excited to have them and I’m excited to see the future.”
The company will be using the funds to purchase two bucket trucks, two service trucks, a skid-steer and all of the equipment to outfit those trucks with fiber optics services. They will also be using $8,000 of that as work capital.
Madison PowerTel will pay back the loan over 10 years with an eight percent interest rate for an estimated monthly rate of $2,094.45.
Both loan proposals received approval from the Cumberland Area Investment Corporation prior to gaining approval from the UCHRA.
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