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Economic Development Group Gets Warren County Business Expansion Loan
Economic development officials in Warren County are celebrating the reception of a grant that will allow a local business to expand.

Western Illinois Economic Development Partnership Executive Director Jolene Willis says the U.S. Department of Agriculture has provided the McDonough Power Cooperative with a $740,000 loan which will be given to Roseville-area business Fusion Tech..

Willis tells WGIL the possibility of the grant being available came about when her agency made what she calls a "retention visit" to Fusion Tech -- essentially a call to see if they needed any help. "We always take a look at our financial resources and assistance programs that are available to businesses -- especially in our area, but throughout," Wilis said. "We identified the USDA Rural Development Program that has to be run through an electric cooperative, and serve a coop-served business. That's how Fusion Tech fit the bill here in this particular case."

Wilis says McDonough Power Cooperative, is loaning the money to Fusion Tech at zero percent interest over ten years.

Fusion Tech is a metal fabrication shop south of Roseville, Willis says, specializing in stainless steel. She says the company should be able to gradually expand beyond their 40-employee base over that ten year period.

For more information on FusionTech, CLICK HERE.
02 11 09 by Newsroom
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