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The Saratogian Newsroom blog, complete with thoughts and commentary from our newsroom staff and regular posts on happenings around town.

Thursday, April 3

City loans

I spent a pretty sizable chunk of my day today working on a story about the city's economic revolving loans program. You'll read all about it in tomorrow's paper, but for the time being, I though you might be interested to know that several local businesses, surely near and dear to the hearts of many saratogians, might not be around without this program, through which the city offers loans to businesses poised to create new jobs and expand the city's economy.

Here's the list:
Advantage Press ($58,000 loan at 6% over 20 years, paid off in full)
Hunter Hollow (Two loans at $66,000 and $50,000, each at 6%, one over 20 years, one over 5)
Stadium Cafe ($50,000 at 6% over 10 years)
Paul Tommell Associates ($75,000 at 5% over 5 years)
MAX Restaurant ($75,000 at 5% over 10 years)
Scallions Restaurant ($50,000 at 5% over 10 years)

The low-interest loans, which were initiated by a federal grant program, and sustained through repayment and interest, give the city the dual benefit of brining in new business (or helping existing business to expand) and creating new jobs at the low and moderate income levels. All good things. Like I said, you'll read the full story this weekend.

See you on Sunday.


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