The manufacturer moving into the old Anvil & Saw property on Pulaski County Road 200 South is on track to get a $200,000 loan from the county. The county commissioners conditionally approved a revolving loan request Monday from IBC Thermoplastics.
Community Development Commission Executive Director Nathan Origer said the business plans to use that money to buy a blow molding machine and continue making building improvements. “They will be starting out making five- and 10-gallon plastic jerrycans with the blow molding machine,” he explained. “They are eventually looking to run three shifts – not very big shifts, but three shifts – plus some office personnel, and their expectation with this first phase of development is to get to between 15 and 20 employees within the next year to year-and-a-half, with an average wage somewhere in the $18-an-hour area, plus benefits.”
Origer explained that the founders of the business already own the property and have invested a significant amount of their own money in electrical and HVAC upgrades. The loan will be paid back over a 10-year term at an interest rate of 4.75 percent.
Commissioner Mike McClure voiced his support for the loan, noting the collateral available. “He’s already got the ground paid for,” he said. “How can you say ‘no’? I mean, normally, they don’t even have nothing but a rusted out pickup truck they want to give you.”
The commissioners unanimously approved the loan, on the condition that all the necessary documents are finalized. County Attorney Kevin Tankersley also requested a title check on the property.
IBC Thermoplastics previously began the process of seeking a tax abatement but, so far, hasn’t followed through with a formal request to the county council.
Origer said he plans to have a couple more revolving loan requests ready for the commissions’ approval next month.