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The Insurance Partnership (TIP) has requested a $25,000 loan over 5 years at 4% to assist with the renovation of 201 S. Locust Street. TIP currently employs 14 people in the office and plans to relocate two additional employees through a $120,000 renovation project. The project includes a) $73,000 of interior renovations, b) $37,000 in exterior improvements including new façade, and c) $20,000 in furniture and fixtures. Given their immediate need to re-roof their building and prevent leaking, TIP began work on tuck-pointing their building. Staff has conducted a basic credit check on both the business and owner Tom Simpson. The individual FICO credit scores were excellent (over 700) and the D&B report on their business showed payments to creditors as normal compared to similar businesses. The loan of $25,000 would be secured by the real estate at 201 S. Locust. In addition, Tom Simpson agreed to provide a corporate and personal guarantee on the Loan.
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