By Martha B. Jacob –
Since first applying for the USDA Revolving Loan, RBEG (Rural Business Enterprise Grant) funds in 2013, the Village of Ripley was able to offer low interest revolving loans to new businesses in the village and help current business owners wanting to expand in the village.
The grant was for $99,000 and the village added $10,000 bringing the total to $109,000 that could be loaned out in the village.
The loans were offered at 1% interest which would come back directly to the village in its own account. Those returning funds would constantly replenish the program’s revolving loan fund.
However, at it’s Feb. 13 meeting, council voted to raise the interest rate from 1% to 2 1/2 % interest to be paid back to the village from the revolving loans.