Minburn Communications recently announced it had awarded a $360,000 loan to the Perry Economic Development, Incorporated (PEDI) to help pay for the speculative building in the Perry Industrial Park.
The funds came from the United States Department of Agriculture Rural Development Loan and Grant Program, which operates to loan utility providers funds to in-turn loan to local businesses and organizations that focus on improving the quality of life for rural areas. The USDA awarded a $300,000 zero-percent interest loan to Minburn Communications, which they will now loan to PEDI, also at zero-percent, through their Revolving Loan Fund. Additionally, they received a $30,000 matching fund grant from the Aureon “Ripple Effect” program, bringing the loan to a total of $360,000. On Monday, the telecommunications company presented a check to PEDI representatives, which will be used to cover the cost of the recently finished spec building.
PEDI is still searching for a company to move into the 30,000 square-foot building, though the loan takes much of the pressure off them to find a buyer. This is the second time Minburn Communications has used their Revolving Loan Funds to aid the City of Perry, having previously helped pay for the police station sally port project in 2015.