JDA just months away from paying off $450,000 loan

A $450,000 Rural Economic Development Loan and Grant (REDLG) that was obtained by Grady EMC for the Grady County Joint Development Authority will be paid off in September, authority members were told this week.
The loan was made to the JDA in Oct. 2005 and was a zero interest loan that the authority used to complete the former Higdon Furniture Co. project.
The REDLG program is offered by the United States Department of Agriculture to provide funding to rural projects through local utility organizations such as Grady EMC. The ultimate goal of the REDLG program is to create and retain employment in rural areas.
JDA Chairman Charles M. Stafford said Tuesday the authority had saved approximately $142,000 over the life of the loan if the authority had not been awarded the zero interest loan and had to borrow the money at prime.
“This has really helped us big time and, to my knowledge, it is the only REDLG loan Grady EMC has done,” Chairman Stafford said.
Grady EMC General Manager Bo Rosser told The Messenger Tuesday that the EMC is willing to consider similar partnerships in the future.
“Grady EMC is a supporter of the communities we serve. We are proud of the partnership with the Grady County JDA and its completion of the current credit facility. Grady EMC supports projects that will benefit the communities we serve and would be glad to consider any future requests,” Rosser said.
“We all hear a lot of the bad publicity about the EMC, but this is some good publicity about the EMC,” Chairman Stafford commented Tuesday.
The final payment of $4,687.50 will be made on Sept. 1, 2015, according to JDA Executive Director Chadd Mathis.
Mathis said he would be interested in securing additional no interest financing for needed improvements to the Heritage Industrial Complex in order to have additional space to lease to potential employers.