Common council agrees to establish Economic Development Revolving Fund

(Carli Luca / News Now Warsaw)

A fund to help attract businesses to town with the establishment of a new revolving fund.

At the Warsaw Common Council Meeting Tuesday evening, council members agreed to establish the economic development revolving fund to loan businesses money interest-free for two years.

Warsaw Mayor Joe Thallemer said the first company that is taking advantage of the fund is Wishbone Medical, who has recently purchased a building on Capital Drive for their expansion. Wishbone’s lone is for $150,000, but will sit in escrow at the bank as the company seeks other loans. Thallemer said Wishbone came to the city and asked for the incentive to help with their purchasing of the building east of town.

Companies will be able to come forward to the city to seek a fund application as funds will be available every year, although the amount will fluctuate.

Thallemer believes the new program is a big step to help companies that want to come into the community and create jobs.

There will be a public hearing at the September 21st meeting in regards to moving the $150,000 to the revolving loan fund.