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Council approves $100,000 revolving loan to new pet-care business Dante and Dory’s
Summary
The council approved a $100,000 city loan from CDBG funds to JPCD Holdings LLC to support Dante and Dory’s pet-care startup at 354 E. Main; the project is a $366,600 investment expected to create jobs and is secured by mortgages and personal guarantees.
At the Aug. 18 meeting the council approved a $100,000 city loan to JPCD Holdings LLC to support Dante and Dory’s, a new pet‑care business at 354 East Main. The city loan was recommended by the Knox County Area Partnership for Economic Development Committee and will be secured by mortgages on business assets and personal guarantees.
Staff said the $366,600 project will be financed with a bank loan, owner equity and the city loan; it is expected to create multiple full‑ and part‑time positions with an estimated $200,000 in annual payroll. Loan terms were described as a five‑year note at 7.25 percent, with planned refinancing by a bank after five years. Council voted unanimously in favor of the loan.
