The Clintonville City Council voted unanimously to extend a $14,500 revolving loan to Pete Tolan at their special meeting on Thursday, July 29. Tolan bought Dennis Martens’ plumbing business and will be granted the loan from the city’s Revolving Loan Fund. The seven-year loan has a four percent interest rate.
Mayor Judith I. Magee stated that she was pleased to see the loan approved unanimously.
“I think this is a win-win for both Mr. Tolan and the city,” she said. “We are working to help keep businesses in town.”
Magee also noted that Tolan will receive loans from two other sources; one for $14,500 and another for $6,000. The majority of the funds are expected to go towards remodeling the office on Main Street.