Revolving fund loan nearly current

At a Red Willow County commissioners' meeting Monday morning, Red Willow County treasurer Marlene Garcia requested an updated amortization schedule to determine future payments to be made by McCook business Accents Etc. on a $70,000 loan from the county's Regional Economic Development Loan Fund program. Garcia provided a written report to commissioners indicating that Accents Etc. was four months behind on loan payments as of June 30.

Garcia explained to the Gazette Wednesday morning that she had first requested the updated amortization schedule from Rex Nelson, the administrator of the county loan fund program, on May 7. The updated amortization schedule would have reflected an April 27 amended loan agreement that moved two outstanding payments to the end of the loan repayment period in 2013, leaving Accents, Etc. two payments behind on June 30, not four as indicated in her report and a news story Tuesday.

Garcia also indicated that Accents Etc. owner Betty Kenner made a payment of $989.37 on July 1, so she is now only one month behind.

Kenner told the Gazette Wednesday that she has every intention of repaying the entire loan in a timely manner. She has owned the gift shop on Norris Avenue for 19 years, and while economic conditions have been difficult, she fully intends to honor her loan obligations to the county.

She said she has been in constant communication with the loan committee since February in an effort to amend the loan agreement, further evidence of her desire to repay the loan despite the current economic downturn.

Nelson told Garcia and commissioners Monday that he will provide an updated amortization schedule.