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Galesburg Business Seeks Revolving Loan for Expansion
A Galesburg business that's been renting its property for over the last decade now wants to own it outright, and wants some help from the Galesburg City Council in making that happen.

The Galesburg City Council Monday night, once the new aldermen and new Mayor Sal Garza are formally installed, will consider providing a $60,000 revolving loan to CII Embroidery and owner Atilla Nemeth.

City officials say CII has rented the building it's in at 246 East Main Street for 15 years, and they say the money will go toward the purchase of the building, improvements to the facade, and remodeling of a second floor restroom.

The total cost of the project is expected to be $165,000, and the city says the remaining money will come from bank financing and equity. In addition, city officials say one additional employee is expected to be hired.

CII Embroidery must pay back the loan within 20 years at three-percent interest.

The City, by the way, says their revolving loan fund has over $875,000 in it for new loans.

The Galesburg City Council will honor the outgoing members starting at 6:30 Monday, with the regular meeting at 7:30 -- all inside council chambers at Galesburg City Hall.
05 04 09 by Newsroom
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