- February 11th, 2015
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A Wexford County trout farm will expand with the help of a business loan through the Traverse City Area Chamber of Commerce.
Harrietta Hills Trout Farm secured a $210,000 business expansion loan through the Chamber’s new Regional Revolving Loan Fund. The funds will help the business expand its inventory and marketing, lease new equipment and take other steps to grow the trout farm operation in Slagle Township in Wexford County. Six new employees will be added over the next two years as part of the expansion.
The Traverse City Area Chamber Foundation received certification last year from the Michigan Economic Development Corp. to administer the Regional Revolving Loan Fund in the 10-county Region 2 area. The designation allows businesses there to seek loans up to $500,000 for economic development projects that meet federal requirements of the Community Development Block (CBDG) program for job creation and/or eliminating blight. As the loans are repaid, those dollars are available to finance other economic development projects in the region.
The Harrietta Hills loan also pushed the Chamber’s total lending portfolio past $1.6 million through five separate Access to Capital programs. The Chamber’s loan funds are assisting three dozen area businesses and have helped generate more than100 jobs in the region.
“There’s a tremendous opportunity for people to follow our example,” Volger said. “People need to know what resources are out there and how to access them.”
-By Bill O’Brien