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Council approves $15,000 Revolving Loan Fund loan to new Mendota shop KLMMD
Summary
The council approved a $15,000 Revolving Loan Fund loan at 5% for five years to Becky Pelka to open a flower and gift shop, KLMMD, at 810 Washington Street.
The Mendota City Council voted to approve a recommendation from the Revolving Loan Fund Committee for a $15,000 loan to Becky Pelka to open a flower and gift store, KLMMD, at 810 Washington Street. Alderman Holland moved and Alderman Hochstatter seconded the motion; the roll call vote was recorded as six ayes and two absences.
The loan terms recorded in the minutes are $15,000 for five years at a 5% interest rate. The council approved the loan to support local small business development; the minutes identify the location and business name but contain no further underwriting detail.
