Business
12:09 pm
Tue August 12, 2014

PADD Approves $250k Loan to Automate Production Line at Elkton Facility

Credit Pennyrile Area Development District

The Pennyrile Area Development District is helping a Todd County tile company jumpstart their automated production line. 

Last night, the PADD board voted to loan Elkton’s Refine Tile, LLC $250,000 on the condition the company first receive a $322,000 community development block grant.

Associate Director of Community and Economic Development Amy Frogue says they’re now waiting on that approval before they can release their funds.

"It's all contingent on that CBDG approval and we're hoping to receive that within the next month or so," said Frogue. "Then we can release our funds and get the release on the block grant money as well and then they can go ahead with their equipment purchases at that point." 

She says the PADD approved a ten-year loan at a 4% interest rate.  

“And this is approximately 1/3 of the overall project that they are undertaking, almost a million dollar project," said Frogue. "We’re just excited that we were able to participate with this expansion and the creation of 25 new jobs in Todd County is a great improvement.”

The Todd County Industrial Foundation has applied to partner with United Southern Bank the City of Elkton and Todd County Fiscal Court to put up the remaining money.

Refine Tile first opened in 2009 with the help of a $250,000 PADD loan which Frogue says was paid back last year.  

PADD has loaned out just under $6 million dollars to area businesses and helped create over 1,800 jobs throughout nine counties.