MONROE - Quest Industrial is on its way to building a 24,000-square-foot facility in the city's north industrial park.
In a special session Monday, April 29, the City of Monroe Common Council approved a $100,000 forgivable loan to the company, as recommended by the city Community Improvement Committee.
Quest Industrial specializes in manufacturing customized and high-tech robotics and needed to expand. The city discovered the company was being lured to build in other communities.
The city's forgivable loan is a way for the city to impart job creation and capital investment, said Pam Christopher, executive director of the Monroe Chamber of Commerce.
Woodford State Bank is also backing the company's project.
The city could not offer the company a loan through its Revolving Loan Fund, because Quest is disqualified for the program for paying wage rates above moderate income level.
- Tere Dunlap
In a special session Monday, April 29, the City of Monroe Common Council approved a $100,000 forgivable loan to the company, as recommended by the city Community Improvement Committee.
Quest Industrial specializes in manufacturing customized and high-tech robotics and needed to expand. The city discovered the company was being lured to build in other communities.
The city's forgivable loan is a way for the city to impart job creation and capital investment, said Pam Christopher, executive director of the Monroe Chamber of Commerce.
Woodford State Bank is also backing the company's project.
The city could not offer the company a loan through its Revolving Loan Fund, because Quest is disqualified for the program for paying wage rates above moderate income level.
- Tere Dunlap