Economic Development
5:24 pm
Wed July 25, 2012

CEDC’s $90,000 Grant to Benefit Small Businesses

COMMERCE - Commerce businesses pursuing projects that will help create jobs may be able to receive financial assistance through a revolving loan fund awarded to the city’s Economic Development Corporation.

The $90,000 grant recently awarded from the U.S. Department of Agriculture allows small businesses to seek low-interest loans.

“One of the major components of this is the number of jobs created,” said Bonnie Hunter, executive director for the Commerce Economic Development Corporation. “So with portions of this, depending on the amount that someone is requesting, they will be required to either retain or establish new employment.”

For small business owners like JoAnn Krischer, who has operated the women’s clothing store Dressing Divas in downtown since August 2011, it’s another opportunity to grow.

“I’m always interested in being able to expand my business.”

Krischer established the store in Paris in 2009 but recently closed that facility due to medical issues.

Multiple businesses have the opportunity to receive assistance at once, with principal and interest payments reverted back into the fund.

“As the funds come back to us as the applicant gets elected and they start paying back the loan, the monies generated back to us will go right back into that fund so that we can loan them out again,” Hunter said.

Monies may also be awarded to businesses that have already received a bank loan but need a little more assistance to complete their project. Applications will be reviewed by the Commerce EDC and USDA.

To learn more contact Bonnie Hunter at 903-886-1121 or email her at bonnie.hunter@commercetx.org.