Alcorn County seeks loan to aid business

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News,Business

CORINTH, Miss. (AP) — Alcorn County is applying for a $1 million loan to help a local business consolidate its offices in a new location and add 50 jobs.

The Daily Corinthian reports (http://bit.ly/1nEtIpD ) that local officials won't identify the company.

The board of supervisors voted Friday to use the loan to buy the old Chadco building.

Wanda Christian, the county's grant administrator, says the project will help retain 151 jobs.

Officials say the company presently occupies three buildings and is based in Corinth.

While the loan is for up to $1 million, officials say they expect to need only $550,000. The lease is proposed for seven years, with the company keeping ownership while the business repays the loan.

Grants totaling $1.3 million will also fund the project.

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Information from: The Daily Corinthian.

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