Town of Smyrna business loan fund receives first payment
The Town of Smyrna received a $2,500 check, the first monthly repayment of a 10-year loan used to renovate the Inn at Duck Creek, the town’s newest dining destination. The loan payments will replenish a revolving fund that Smyrna businesses can now tap to purchase capital equipment and fund development projects in town.
The fund was established with a $300,000 grant from the United States Department of Agriculture, which the town received last year. The Smyrna Redevelopment Authority, chaired by Alvin Pope, administers the loan fund, which granted its first loan to Smyrna-based i3a, an engineering and construction firm owned by Ed Ide.
Ide, who owns the property that houses the inn, presented his first loan payment to the Redevelopment Authority in a brief Town Hall ceremony last week.
“This first repayment is a real vote of confidence in Smyrna,” says Mr. Pope. “It demonstrates that when we work cooperatively, we can do great things to improve our town, economically and culturally. The revolving loan fund plays an important role in that progress. We’re delighted with the improvements at the Inn at Duck Creek and excited at the prospect of other projects the fund can help make happen.”
With assets now flowing back to the revolving fund, Pope says the Redevelopment Authority will apply model guidelines for re-lending these assets to propel other projects. “As the fund is replenished, loan funds will be available for other projects,” he says.
“There’s a real buzz about Smyrna and we want to keep that going,” adds Town Manager Dave Hugg. “The loan fund is part of that. It can help with projects that business owners might not otherwise consider, including projects that are less ambitious than the inn. It’s one of several tools we offer to improve our local economy. We’re also working on structural improvements such as improved street lighting and better directional signage.”