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Revolving Loans on Galesburg City Council Agenda
A new business and upgrades to an existing business in Galesburg could both be one step closer to reality if the Galesburg City Council approves some funding for the two.

The Galesburg City Council Monday night will consider approving a $19,000 loan to George and Kathy Knapp, the owners of the Hawthorne Center Craft Mall.

City officials say the loan, payable over 10 years at 3% interest, will be used to help fund $38,000 worth of upgrades to their storage facility adjacent to the craft mall and turn it into an antique mall.

Documents indicate upgrades to air conditioning and electricity, installation of a drop ceiling, and other items. The Knapps will fund the other half of the upgrades themselves.

Aldermen will also consider providing a $15,000 revolving loan to Ben Stomberg, who wants to open up "Stone Alley Books and Collectibles."

The City says the former radio D-J known as Ben Stone is looking to open up his store at 53 South Seminary Street, and the loan will be used, in part, to purchase inventory, furniture, and a computerized inventory system, provide working capital, and other items.

Stomberg's whole project is expected to cost around $40,000, with the rest being funded through loans, equity, and a possible $10,000 grant from the city's new Business Innovation Grant program.

The Galesburg City Council meets at 6:30 in closed session for negotiating matters, followed by the open session at 7:30, all in council chambers at Galesburg City Hall.
05 31 09 by Newsroom
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