The Pulaski County Commissioners discussed the last Revolving Loan Fund request until Pulaski County Community Development Commission Executive Director Nathan Origer revamps the process.
Origer was before the commissioners last night with Sheila Jimenez, who requested a $10,000 loan for fixtures in order to open a new restaurant on Main Street in Winamac. Jimenez said the Warrior Den will be a finer family dining facility at 121 W. Main Street. She hopes to open in May.
County Attorney Kevin Tankersley explained that any item affixed to the interior will stay with the property. It would become part of the real estate. He wanted to make clear of that fact, just in case a default occurs and she needs to vacant the facility. There’s no collateral for this loan.
Origer notes that giving a loan of this type toward a restaurant venture is high-risk, but since the loan is small, and the landlord is flexible Origer is confident in the commissioners’ support in approving the loan.
The commissioners unanimously approved the request and commented that they are happy to see a new business in Pulaski County.