City accepting loan apps for ‘Polar’ preparation

By John Howell
The Batesville Economic Development Program is accepting applications for business loans up to $20,000 to assist in preparing for visitors to the Polar Express Train Ride that will start in November.

City officials during their Tuesday meeting put the finishing touches on the loan program that will offer quick approval for two-year loans up to $20,000 with one percent interest charged the first year, three percent for the second year.

“It’s something that will help Batesville,” said North Delta Planning and Development (NDPDD) Director James Curcio, who said that he had received three applications on Wednesday. NDPDD personnel are accepting the applications and providing loan review, Curcio said. The applications are then forwarded to the board of mayor and aldermen for final approval.

The loan program is open to any Batesville business and will tap into a city revolving economic development fund that has been heretofore used only for large, heavily-collateralized projects.
Application for the small loans will be an “easier process than before,” Curcio said.

Each loan will require a “personal guaranty” from all of the principals to the loan “and any other security deemed appropriate,” according to the resolution adopted Tuesday.

For application information contact NDPDD at 662-561-4100.