Pulaski Council Voted Loan For Coffee Buy the Book LLC
At Tuesday night The Pulaski Town Council voted to lend $20,000 to a coffee shop and bookstore, Coffee Buy the Book LLC,. John White as economic development director said to establish a revolving loan for small businesses the town was given $99,500 as part of the American Recovery Reinvestment Act.
On Wednesday Tracey Harriman as the owner said it is enabling her to buy more stock and improve longevity and will allow business owner to pay down some higher-interest loans.Harriman said she hav been repaid her first timeloan with the city, and it’s the second time she has worked with the city to use rural development funding for her business.
According to USDA rules The stimulus money must be used by the end of the year. In his mind he has other businesses to receive funding, including a business expansion and a startup business, but he would not discuss details, White said. White said when the town first applied for the grant, the town had a specific business but the town began looking for other recipients when that business went under. The grants are given to nonprofit organizations or municipalities. Director of the USDA Southwest Area , Travis Jackson said the funding can be used for small business or in a revolving loan fund, as in the case of Coffee Buy the Book.