Business Loans To Bridge Gap

WAITSBURG - Inspired by the metal work Dayton artist Yancey Yost did on the letters for the Times build­ing, Coppei Coffee owner Allison Bond had him make a sign for her shop next door. The shapely cup in arrested rust was to be mounted above the door at a 90-de­gree angle to Main Street, much like the sign above the jimgermanbar a few doors up the street.

By the time it was done, she had already invested about $1,000 in the sign's creation and was ready to put it up, so she went into City Hall and showed a picture of it to City Administrator Randy Hinchliffe.

Hinchliffe liked the sign, but told her it would cost her $130 for a review by the Historic Preservation Committee, a longstanding special requirement for signs installed perpendicular to building facades.

"The extra $130 was a burden," said Bond, who decided to sideline the new sign three months ago when she found out about the fee. "I was thinking 'how do we come up with the money to pay for that?'"

She found her answer earlier this week when the Waitsburg Commercial Club announced a brand new loan program for businesses needing a quick capital infu­sion and some time to pay it off.

"We wanted to do this a year ago," Commercial Club President Joy Smith said. "But last year, our money was tight."

Since then, the club has received more dues from members and done some ad­ditional fundraising to pro­vide businesses in town with financial support, some­thing the club did in the past through its grants program.

"The grants program made people (business own­ers) a bit uncomfortable just taking the money," Smith said. "They want to pay back their community instead of standing there with an open paw."

The loan program, which has an initial pool of $1,000, will be available to busi­nesses with up-to-date city business licenses, storefronts and a need to cover signage, façade improvements, inven­tory or other lump sum ex­penses. They have to repay the sum with a year and add 3.5 percent interest, a bonus for the club.

"That's twice what we make putting the money into savings," Smith observed.

Businesses, whether new or existing, often face an investment crunch of ex­penses, such as license fees, health department require­ments, inventory purchases, even before they can get to their sales and marketing goals.

"This is a quick check to help them out," said Smith, who noted the coffee shop doesn't currently have any sign to advertise its offer­ings inside. The temporary canvas banner placed there when the shop opened in 2011 finally wore out.

Bond is borrowing the $130 she needs to cover the city's signage review fee and plans to pay it off in about six months.

"Now, we won't have to wait so long to put up the sign," she said.

For more information about the Commercial Club's loan program, call Joy Smith at 509-539-8773.