Crandon Likely to Net $2.1M in State Loans
A state lending agency has given the green light to loan more than two million dollars to the city of Crandon and its schools.
The Board of Commissioners of Public Lands has approved almost a million dollars from the State Trust Fund to go Crandon School District for a roof replacement. The rest goes toward refinancing projects for two manufacturers: Hometown Trolleys and Infinity Wood Floors. Jim Schuessler is Executive Director of Forest County Economic Development Partnership, an organization that supports small businesses. He says the BCPL loans will save the companies money on interest and help maintain job stability.
“The proposed loans for the two industrial park projects are fantastic projects that are helping retain and create jobs.”
BCPL has approved Hometown a $400,000 loan for Hometown Trolleys, and more than $700,000 for Infinity Wood Floors. Schuessler says the loans are an important boost to the region’s struggling economy.
“Having the ability to have an organization like BCPL is a huge deal. Because the more we reinforce our industry, the more successful our industry becomes, the more sustainable those jobs are, and the more likely they are to continue to fuel the economy in Forest County and within the region.”
Schuessler says this is the first time Crandon has looked into getting loans through the State Trust Fund, but he hopes to connect more businesses with the program. The city of Crandon must grant final approval for the loans. The BCPL State Trust fund was created by provision in the state constitution. BCPL also plans to purchase 1500 acres of land from Crandon Timber.