County Economic Development Board to Recommend Loan to Fledgling Business

The Effingham County Economic Development Advisory Board has had some success in helping along startup businesses. After much discussion Thursday, the Board has decided to support another proposal, one with a higher level of uncertainty than the previous ventures.

The Board plans to recommend the Effingham County Board Monday loan $21,000 to Jae Satterlee, doing business as JLS Technology Consultants. Jeff Simpson, who is a County Board member also on the economic development board, said Satterlee designs low-voltage electrical systems such as heating and air conditioning controls. The loan will help pay for a plotter and software. If the County Board okays the loan, it would be repaid over five years at 3% annual interest.

There was considerable discussion over whether there is enough collateral to cover the loan, but decided to recommend the loan. One stipulation of the loan is creation of at least two jobs within a year of loan approval.

The Economic Development Board has had some successes since receiving a grant from USDA in recent years. Those successes include CW Motorsports and Holli's Flour Shoppe in Effingham as well the grocery store in Edgewood.

The loan to JLS would leave the coffers bare for the time being, but as those who received the loans make their repayments, those funds will be available for future ventures.