By COLE REIF
Great Bend Post
The Great Bend City Council approved another Community Development Block Grant (CDBG) at Monday’s meeting. The loans have been heavily used during the coronavirus crisis to help businesses offset financial losses.
Mayberry’s Inc., doing business as Walnut Bowl, was approved for a $15,000 loan to assist with working capital.
Councilmember Alan Moeder made the motion to approve the three-year loan at .5% interest.
"Jim (owner) just invested nearly $200,000 in a remodel that started before all this hit," said Moeder. "You see there new walk-in cooler and freezer, they have tripled the size of the kitchen, and redid parts of the bar. They have cleaned up the whole bowling alley."
Working capital is defined as salaries or wages, inventory purchases, utilities, rent, and insurance payments.
The funds exist to help businesses suffering through hardships with loans.