County approves two economic-development loans: refinancing for Chart Welding and $35,000 equipment loan to Jeremiah Smith

Van Buren County’s economic development items moved forward April 10 after the board approved refinancing terms for a Chart Welding revolving loan and a new $35,000 equipment loan to Jeremiah Smith Enterprises, LLC.

Zack Morris presented the Chart Welding refinancing request. The company borrowed in 2018 to purchase equipment and later had pandemic-related business interruptions. Morris said staff and the Economic Development Corporation recommended refinancing the note to a seven-year term at 4% interest, which would reduce the monthly payment to about $494.50 and include a provision commonly used on county loans: interest forgiveness if the borrower makes all payments over the term. The board approved the refinancing motion.

The board also approved a $35,000 equipment loan for Jeremiah Smith Enterprises (Airswine Express), a Hartford-based laundry/processing business. Smith described a need for a 70-pound commercial washing machine to expand capacity for contracts including hospital linen work. The loan would be a 10-year equipment loan at 4%, and county staff said the loan is expected to create one job; the board approved the motion.

Why it matters: Both actions are part of the county’s revolving loan activities to support local businesses and job creation. The refinancing aims to allow a struggling company to remain viable and meet monthly payments; the equipment loan supports local expansion and workforce opportunities.

Both motions passed by voice vote during the meeting; staff will execute the loan documents and monitor repayment per standard EDC practice.