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Winnebago County approves $40,000 revolving loan for Socks in Slots Laundry LLC; funds earmarked for building improvements
Summary
The county’s economic development committee moved and the board approved authority for the chairman to execute loan documents for $40,000 from the revolving loan fund to Socks in Slots Laundry LLC; county staff clarified the loan is for capital/building improvements, not for gambling operations.
The Winnebago County Board approved a resolution authorizing the board chairman to execute documents to complete a $40,000 loan from the county’s revolving loan fund to Socks in Slots Laundry LLC.
The economic development committee presented the item and the resolution was moved by a committee member and seconded. During consideration, county staff clarified that the loan will go to building improvements related to converting a former bank into the laundry business and will not fund alcohol sales or slot machines.
A board member asked for clarification about the use of funds; a staff member confirmed the loan is for capital construction and building improvements, not for gambling or alcohol-related business expenses. The resolution was approved by voice vote with the clerk calling for “yes for all members present.”
The transcript does not disclose loan terms such as interest rate, repayment schedule, security/collateral, or timeline for disbursement. The county’s economic development staff indicated they would proceed with documentation and execution under the authority delegated by the board; the board did not request additional conditions on the record.
