A Winamac business has paid off a business loan to the Pulaski County Revolving Loan Fund a year ahead of schedule. The county loaned $100,000 to All Seasons Home Center manager Kyle Kruzick and local contractor Phil White in September of 2011 to operate a home improvement store in the All Seasons buildings. The loan allowed the newly-established Winamac Lumber Yard to buy fixtures and equipment from All Seasons.
On Jan. 1, 2013 White and his wife bought out Kruzick’s share of the company and later purchased the property from his family.
Since opening as Winamac Lumber, the store has been overhauled, inventory expanded and the greenhouse has been expanded. The store’s staff has also doubled from three to six full-time employees, with two additional part-time positions created as well. The Whites have also reached an agreement with Patrick Healey to operate Healey Custom Cabinetry, LLC, out of the back of their store.
Pulaski County CDC Executive Director Nathan P. Origer notes Winamac Lumber made payments in excess of their monthly balance for all but two months in 2012. He credits the additional payments on principal and wise financial management with allowing the company to repay the loan a full year ahead of schedule. Doing so frees up funds for the county to loan to other businesses.
The Pulaski County Revolving Loan Fund has a balance of nearly $150,000 and grows as current loan repayments build the fund. The fund was established with grant money from the state. It exists to help current and start-up businesses grow when bank financing is either unavailable or if they have bad credit. Funding is available at four levels: micro-financing, mini-financing, and small loans, all administered by the CDC, and regular loans, administered with assistance from the Regional Development Company. For more information, contact the CDC at 574-946-3869.
