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EDA approves $35,000 low‑interest loan for small‑engine repair shop
Summary
The Grayson County Economic Development Authority approved a $35,000 loan at 1.5% for a local small‑engine repair business with terms that include collateral and a forgiveness provision after continued operation; the board instructed staff to update contract language and authorized the chair to sign.
The Grayson County Economic Development Authority on a voice vote approved a $35,000 loan to a local small‑engine repair business, setting the interest rate at 1.5% and including a forgivable‑loan provision tied to ongoing operation.
The motion, made during the authority’s regular meeting, directed staff to update the loan forgiveness language as discussed by the board and authorized the chair to sign the finalized contract. The board and staff discussed…
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