The Effingham County Economic Advisory Board met on Tuesday to discuss the state of several loan borrowers in the county. The borrowers use county money, from a grant, to start up businesses that will create jobs in the area.
The Board discussed two loan borrowers behind on payments. First, was Holly’s Flower Shop. The board decided renegotiate the terms of the loan with the owner of the shop to ensure that they would be able to continue making payments. The county is authorized to repossess equipment purchased by money from the grant program if the borrower defaults on the loan. The renegotiated loan will go before the full Effingham County Board before being accepted.
Also discussed was Chase Cardboard’s loan. According to board chair David Campbell, the owner of the company has been in contact with the board and has agreed to continue to make payments to pay back the loan, including selling equipment if necessary. The Board decided to give the owner more time to catch up on the loan.