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Council approves two small-business commercial loans recommended by loan committee
Summary
Lock Haven council approved committee recommendations to authorize two commercial loans: a $45,000 loan to GB Renton LLC and a $17,500 loan to JD’s 3 Witches Bakery, both five-year notes at 3% with collateral required.
The council approved recommendations from the city’s Commercial Loan Committee to authorize two loans to local businesses.
Per the committee report, GB Renton LLC requested $45,000 repayable over five years at a 3 percent interest rate; approval includes a first-lien UCC filing on project equipment and a mortgage lien on the borrower’s primary residence as collateral. The committee also recommended approval for JD’s 3 Witches Bakery for $17,500, also for five years at 3 percent, secured by a first-lien UCC filing on project equipment. Committee members reviewed financials with city staff and recommended council ratify both approvals; council voted to approve the committee’s recommendations.
Committee members and councilors encouraged other startups and small businesses to consider the commercial loan program, noting the city has available funds to assist local entrepreneurs. Council asked staff to provide application guidance to interested businesses.
