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Jackson County approves two revolving-loan awards, sets amended terms and schedules policy work session
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Summary
Supervisors approved a $120,000 loan to Preston Family Chiropractic (Henrichton Property Group LLC) with amended terms (amortized over 20 years with a 5-year balloon at 6%) and approved a $186,390 loan to Mississippi Valley Metals LLC (7 years at 5%), while deferring transfer/disbursement until a May budget amendment; board members called for a work session to refine loan guardrails.
The Jackson County Board of Supervisors approved two revolving-loan requests at the April 21 meeting and directed follow-up work to tighten lending guardrails.
ECIA representatives presented two applications. For Preston Family Chiropractic (Henrichton Property Group LLC), the committee recommended a Jackson County loan of $120,000 to purchase a building at 144 North Mitchell Street in Preston. The board debated term length and job-creation expectations and approved the loan with amended terms: a 20-year amortization with a 5-year balloon and a 6% interest rate.
Board members expressed concern about locking county funds into long-term (20-year) loans and discussed a shorter balloon or refinance strategy so funds return to the revolving pool sooner. A supervisor suggested a five-year balloon so the county can put funds back into circulation if conventional financing becomes available.
The board also approved a loan to Mississippi Valley Metals LLC of $186,390 for seven years at 5% with a 10% borrower down payment ($20,007.10). ECIA representatives said the borrower would use the funds to purchase a mobile fabrication trailer to perform on-site steel fabrication and expected the equipment would secure at least two jobs related to the project.
County staff and ECIA noted that neither loan disbursement can occur until the county’s budget amendment is processed (expected May 5); board members requested a new transfer agreement and recordkeeping clarifications. Supervisors asked ECIA and county staff to schedule a working session to review the revolving loan program’s guardrails and documentation practices before further disbursement.
Votes: motions to approve both loans passed during the meeting; the board also discussed timing and paperwork for transfers and asked for revised transfer agreements where necessary. The board emphasized the desire to balance local economic development support with safeguards so county funds are protected and available for future projects.
