ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, March 20, 1996 TAG: 9603200031
SECTION: CURRENT PAGE: NRV-2 EDITION: NEW RIVER VALLEY
DATELINE: PULASKI
SOURCE: NEW RIVER VALLEY BUREAU
Pulaski officials approved a loan of up to $13,000 Tuesday to help with equipment and working capital for a new office supply business in the town.
Donnie Hayes of Dublin will invest at least $25,000 to establish and own Hayes Office Supply. Another $13,000 loan and a $5,000 line of credit will be provided by Community National Bank.
The town's loan will come from its Urban Development Action Grant money, originally secured years ago through a federal grant to help with expansions at Pulaski Furniture Corp. and Magnox-Pulaski Inc. The town is able to keep those funds as the two companies repay the loan, and has earmarked them for economic development and downtown revitalization.
The loan will have an interest rate of two-thirds of the prime lending rate at the time of its closing. It will be for up to five years.
Pulaski has had no office supply business in town since the closing of an office products store on Main Street in recent years.
The town finance committee, which involved all the members of Town Council, unanimously agreed Tuesday to recommend the loan at council's meeting that night.
LENGTH: Short : 31 linesby CNB