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EDA to draft loan package for Garrett Wyatt seeking about $35,000 to expand small-engine business
Summary
The board asked staff to work with Garrett Wyatt to prepare a loan package for roughly $35,000 to support a small-engine repair and sales business; no loan was approved at the meeting.
The Grayson County Economic Development Authority directed staff to work with local business owner Garrett Wyatt to develop a loan package after hearing a request for roughly $35,000 to expand a small-engine repair and sales business.
Board members described Wyatt as a new business owner, in operation about six to eight months, who is seeking financing to become an authorized dealer and to acquire equipment. At the meeting staff said Wyatt estimated a need of about $35,000 and discussed repayment over roughly four to five years; he also expects to hire one employee in the near term. The board noted potential county benefits: local governments, parks and other public entities purchase small equipment and the business could serve those customers if approved as a dealer. The business owner also mentioned he would not be seeking direct EDA grants but a loan.
Members asked staff to develop formal loan terms and return with a proposal at the next meeting. The board did not approve financing at the meeting; the action was a direction to staff to prepare a draft loan package and present it for board consideration.
No vote to approve funds occurred. Staff said they would work with Wyatt on collateral, terms and application materials and bring a proposed loan package to the board for review at the following meeting.
