PCDI Discusses Rural Business Loan Sources



Prowers County Development Incorporated has accepted insurance bids from between eight and ten agents in Lamar and Prowers County for the East Washington Street property.  Premiums following roof repairs on one of the warehouses following a summer wind storm have increased significantly and the PCDI board is looking for the best deal.  Board member Lawrence Brase helped fill a recent temporary gap for insurance coverage, but because of potential conflicts of interest, is taking his company’s name out of consideration.  An inventory of all the materials stored in the vacant buildings showed mostly used items, ranging from tires to lumber boards.  Some additional leaks in one of the roofs recently became apparent and the board will have them repaired.

PCDI Executive Director, Lance Benninghoff asked the board for permission to serve on the SCEDD loan committee if there would be no conflict of interest or if it would take away from his duties at PCDI.  Benninghoff explained that he would promote rural community interests to SCEDD, Southern Colorado Economic Development District, which serves 12 counties in the southern part of the state.  “I don’t believe it would amount to more than an hour a week and a lot of the work is done online,” he explained as board members gave their approval.  Benninghoff said he has also contacted the Colorado Office of Economic Development and DOLA in regards to placing Granada on the eligibility list for the Rural Economic Development Initiative (REDI) grant program.  Up to $250K is available in loans for qualified jobs development programs and up to $750K is available through SCEDD, backed by the USDA.  Benninghoff said it is traditionally harder to start a business and qualify for loans in a rural setting as a lot of the borrowers come to a lender under-capitalized.  Now that the ag-oriented retail outlet, Tractor Supply, has received needed variances from the City of Lamar to alter the former Alco building, the sales contract has been finalized and there should be some construction work beginning on the front of the store in the next few months.  Tractor Supply has been advertising for employees on its website.

The PCDI/LCC Foundation Gold Tournament at Spreading Antlers Golf Course is proceeding according to schedule.  Proceeds from the tournament will be used exclusively by the college’s Foundation Fund.  PCDI is helping with the logistics for the September 12-13 event.

By Russ Baldwin

Filed Under: BusinesscommunityCountyEconomyEmploymentFeaturedGranadaHollyLamarProwers CountyUtilitiesWiley


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