Mt. Vernon Register-News

April 3, 2014

Business loan suggested

The Register-News

---- — MT. VERNON — The Revolving Loan Committee has recommended a $60,000 loan for Wes Rogers Tire and Auto, Inc.

“The total project is almost $132,000,” explained City Finance Director Merle Hollmann. “It is a Rogers family operation, which will be in the same building that was used for the family tire business a while ago. The building has been vacant, but ready for them to walk into.”

Wes Rogers said he was laid off in February from Rogers Family Tire and he and his wife— along with his father, Don Rogers, decided to open a new tire business, which has been incorporated.

Wes Rogers said he expects to be open in the location within the next month. The business is expected to create four paid jobs.

The terms of the revolving loan would be contingent on the company receiving $50,000 from Champion Community Investments of Carbondale. If the loan is secured by Wes Rogers Tire and Auto, Inc., the revolving loan committee will recommend the $60,000 loan at a rate of 3 percent for 102 months. Wes Rogers would be responsible for assigning the loan amount to the city in a life insurance policy, and both Wes and Heather Rogers will provide a personal guarantee. In addition — if available — the city would take a shared position on business assets with CCI.

Once the agreements are approved by the Revolving Loan Committee and Wes and Heather Rogers, the loan will go before the city council for its approval.