A small business in Hartford that’s looking to expand has gotten a boost from Van Buren County.
Market One’s Zach Morris tells us the county board of commissioners has approved a $35,000 business development loan for Jeremiah Smith Enterprises, LLC through its Revolving Loan Fund so the business can purchase a high-capacity, commercial-grade washing machine. Morris says the company, better known as Coin Express Laundry, will use the equipment for its new Allegiant Linen Services division.
“Coin Express Laundry had expanded into working with the healthcare industry, and working with the healthcare industry, it obviously has a lot of different articles of clothing, towels, different materials that they need washed and processed,” Morris said.
But the company would have trouble managing that with smaller washers. This loan from the county will help address the need for something larger.
Morris says since it was created, the Van Buren County Revolving Loan Fund has lent more than $1 million to 34 organizations seeking to expand in the county. Market One will often help growing companies when they have trouble finding other support, either with a bank or going through government entities.
“And a lot of banks are just saying, ‘You know, you’re too early in your development for us to finance it.’ So we have a great relationship with banks where we’ll step in and do some of the initial financing or come alongside a bank and do it.”
The Van Buren County Economic Development Corporation is charged with managing the Revolving Loan Fund on the county’s behalf. Morris says it was especially helpful during the pandemic.
Morris adds any businesses in Van Buren or Cass County interested in Market One’s support as they seek an expansion can simply call.
