A Winamac restaurant is getting some more financial help from Pulaski County. The county commissioners Monday approved a $10,000 loan for Tippy’s through the county’s Revolving Loan Fund.
That will help with the cost of the business’s move from Pearl and Market streets to Pearl and Monticello. They have also contacted a commercial insurance provider for the new location.
Community Development Commission Executive Director Nathan Origer said the loan would be for a term of five years at three-percent interest. “We have a promissory note, security agreement, and an assignment of title that we will be using as collateral if you approve this tonight, with the title specifically being to a commercial truck,” Origer explained, “and my office will hold on to that title until such time as the loan has been repaid.”
Tippy’s is still in the process of repaying a $25,000 loan from the county from its last move. County Attorney Kevin Tankersley noted that Tippy’s hasn’t had any issue making its payments. He said he’s satisfied with the collateral that had been negotiated for the new loan.
