Revolving loan goes to new studio

A $10,000 loan from Red Willow County's reusable loan fund will help a McCook man open a photography studio in downtown McCook.

During their weekly meeting Monday morning, commissioners approved a loan application from "ap images," owned and operated by Adam Powers who wants to expand his home-based photography business into a store front in the 300 block of Norris Avenue.

In his application, Powers said he will use the loan to purchase studio equipment, creating his position as full-time proprietor and possibly one to two other positions.

The note, at 4 1/2 percent interest, will be repaid in five years.

Rex Nelson, executive director of the McCook Economic Development Corp., a committee of which reviews applications to the county's reusable loan program, told commissioners that Powers has a very good credit score and a very good business plan. The EDC committee unanimously approved the application to referral to commissioners, he said.

Nelson said Powers makes good use of the internet and a Web site, traveling throughout Nebraska and even further east. The EDC likes it when someone markets outside the community and brings money in, he said.

Nelson told commissioners he has a couple more applications to the county's loan program pending.