New and existing businesses in DeWitt County are able to apply for some assistance from the federal government through the DeWitt County Development Council.
Ruth Stauffer, Director of the DCDC, explains they received a grant from the USDA's Rural Development program. She says the 100-thousand dollar grant is aimed at providing low interest loans to help DeWitt County local entrepreneurs looking at starting up a business. Stauffer explains the loan is a revolving loan.
[audio:revolvingloan1.mp3]A Word From Stauffer[/audio]
With the economy in the shape it is right now, entrepreneurs are struggling to find funding. The revolving loan fund is aimed to help local entrepreneurs get that funding they are looking for. Stauffer says the interest in the loan is high, however, getting a business plan together and getting it off the ground takes a long time.
[audio:revolvingloan2.mp3]A Word From Stauffer[/audio]
Rich Roth has opened up a ServPro franchise in Clinton, and he is the first successful applicant of the revolving loan fund. Roth explains when wanting to open his business, he was having a hard time getting funding. Roth said besides being personally debt free and with the feeling he would be a great asset to a bank, he still could not get enough funding. He then turned to Stauffer at the DCDC to help finish the process.
[audio:revolvingloan3.mp3]A Word From Roth[/audio]
Roth says he was the "crash test dummy" for the DCDC because neither party had been through the process before. Stauffer says eventually the DCDC would like to find Angel investors and venture capitalists to invest in local entrepreneurs. Stauffer notes the DCDC has been aiding several other area businesses in getting started recently as well.
For more information about the DeWitt County Development Council or their revolving loan fund, you can contact Ruth Stauffer at 935-0500.