By Steve Stein
Journal Star
The EF-4 tornado that ripped through the city on Nov. 17, 2013, blew some good fortune Washington’s way. The twister made the city eligible to apply for a Rural Business Development Grant from the U.S. Department of Agriculture for the first time and it has received a $99,000 grant that will be used to help launch a revolving loan fund for small businesses in a USDA-approved rural area.
City Council approved the grant agreement last week. An additional $40,000 will be added to the fund by four city banks.
Jon Oliphant, Washington’s planning and development director, said about 150 to 175 businesses east of Ernest Street are eligible for a low-interest loan payable for five to 10 years that can be used for working capital such as inventory or machinery purchases.
Stan Cohen, owner of Firehouse Pizza, 1320 Washington Road, said he knows exactly what he’ll do with a loan.
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