Two Rivers BIDC approves second loan for GT Machine
admin The Business and Industrial Development Committee has approved a $90,000 loan to GT Machine Inc., according to Dan Pawlitzke, the city’s economic development supervisor.
The BIDC unanimously approved the loan at a meeting Tuesday, according to Pawlitzke.
GT Machine, which has been in business since 1998 and leases the incubator building at 1429A Wentker Court, will use the loan to purchase a CNC slant bed lathe and for costs associated with acquiring the machinery.
The $90,000 will cover about one-third of the cost with the remainder financed by a $180,000 loan from Investors Community Bank.
Collateral for the city includes a second lien on the new equipment as well as a second lien on all business assets and personal guarantees from the owners, Tom Jachimstal and Gary Messman, Pawlitzke said.
GT Machine already has a $200,000 loan from the city’s revolving loan fund. The loan was awarded at the end of 2007, and the first payment was in March 2008. The company has been making larger payments than required and now owes $120,500 in principal, according to Pawlitzke.
http://www.htrnews.com/article/20091210/MAN0101/91210098/1984/MANsports/Two-Rivers-BIDC-approves-second-loan-for-GT-Machine
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