KIMT News Three’s Saral Khare spoke with the District 2 commissioner on the impact this funding will have on local entreprenuers.
MOWER COUNTY, Minn. – Some businesses in Leroy were affected by the Highway 56 construction. To help them Mower County is giving forgiveness loans ranging from $5,000-$10,000. There’s about $80,000 in the budget from economic development funds.
Polly Glynn is the District 2 Commissioner and represents Leroy. She says she heard some businesses were losing profits due to the constructions because customers couldn’t’ access it. She heard some have lost 40-50% of revenue.
“Leroy is kind of far from Rochester and Austin so they depended on their businesses on main street for their community members,” said Glynn.
For anyone who qualifies for the loan they have to pay the 4% interest over three years. Prior to the construction owners must show revenue for previous two years and then revenue …