MONROE - The City of Monroe Revolving Loan Fund Committee put its final stamp of approval on a loan to a new business start-up Tuesday.
Bargain Galore received the loan for $20,000 at 3 percent interest for a 3-year term, for the purpose of inventory purchasing.
The city has first lien on the inventory, a second lien on personal property, and another lien on a private residence.
Bargain Galore is being set up by Cindi Egger at 127 West 6th Street in Monroe, as a discount store. Egger hopes to open Aug. 1.
Committee members said they believed the site of Egger's new business is a good choice.
Egger broke into the retail discount business when she started Bargain Depot on 12th Street in 2000. She sold that business in April 2005.
The committee had left the loan pending last week, when Bargain Galore requested a change in its primary lender, from First National Bank to Sugar River Bank. Committee members were unsure at that time where the business would be located, and asked for verification of the location as well as participation of the bank.
Another new loan application, for $8,500, was not ready for the committee to consider Tuesday.
It will be reviewed at a later date.
Bargain Galore received the loan for $20,000 at 3 percent interest for a 3-year term, for the purpose of inventory purchasing.
The city has first lien on the inventory, a second lien on personal property, and another lien on a private residence.
Bargain Galore is being set up by Cindi Egger at 127 West 6th Street in Monroe, as a discount store. Egger hopes to open Aug. 1.
Committee members said they believed the site of Egger's new business is a good choice.
Egger broke into the retail discount business when she started Bargain Depot on 12th Street in 2000. She sold that business in April 2005.
The committee had left the loan pending last week, when Bargain Galore requested a change in its primary lender, from First National Bank to Sugar River Bank. Committee members were unsure at that time where the business would be located, and asked for verification of the location as well as participation of the bank.
Another new loan application, for $8,500, was not ready for the committee to consider Tuesday.
It will be reviewed at a later date.