COLDWATER, MI (WTVB) – A new business in downtown Coldwater is getting some financial help from the city’s Community Development Block Grant Revolving Loan Fund.
The Coldwater City Council approved a $70,000 loan on Monday night which was requested by Jungle Pets owner Cory Langridge whose business is located at 38 West Chicago. The loan would provide working capital for the business.
City Manager Keith Baker said the application was made through Northern Initiatives which is the State of Michigan’s third-party administrator for the loan program.
Baker says inventory, payroll, insurance, land contract payments, and supplies are among the anticipated uses of the funds.
He adds the business is also pursuing a $5,000 microloan through Northern Initiatives, independent of the Revolving Loan Fund, which will allow it to access technical assistance provided by NI and pay for additional inventory.
The applicant is providing a lien on all business assets as collateral.
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