A North Judson business may soon get some additional COVID-19 relief. The town council has offered Outstanding Tradeshow Exhibit Services (OTES) a $30,000 loan through the town’s Revolving Loan Fund.
The convention industry was hit hard by the pandemic. During a regular meeting earlier this month, Council President John Rowe noted that many similar businesses have already folded, putting OTES in a good position once the pandemic ends if it can get the help it needs. But to do that, the town has to replenish the Revolving Loan Fund, since much of it has been reallocated to help provide business relief grants, as a local match to the state’s COVID-19 Response Program.
During a special meeting Tuesday, Clerk-Treasurer Andrew Rowe said a system had been worked out where part of the money would come out of the town’s Sewer Fund. The Starke County Economic Development Foundation would also chip in, by letting North Judson redirect some of the economic development income tax revenues it would normally get to the loan. The loan payments would then be split between the foundation and the town’s Sewer Fund.
The loan would be paid back over five years at two-percent interest, with no payments for the first year. The arrangements are expected to be up for the town council’s final approval during its next regular meeting on April 5. Town Council President John Rowe said the town would be willing to revisit the loan in September, if more funding is needed.
North Judson’s Revolving Loan Fund has only been used once before: to help the former Heartland Market set up shop in 2015. The loan is one of many COVID-19 relief opportunities OTES says it’s pursuing to stay afloat.
