CEDA Team Helps to Secure $150,000 in Gap Financing for Expansion of Important Stewartville Business
CEDA team members Joya Stetson and Courtney Bergey, who serve the City of Stewartville, MN and People’s Energy Cooperativerespectively, have been working alongside their boards and staff to help the long-time Stewartville business, Podein’s Power Equipment, accomplish an exciting expansion.
The business, which has been operating in Stewartville since 1984, was looking to connect two of their buildings in an effort to create additional show room and shop space. Their existing layout did not allow adequate space for equipment displays on the floor for viewing and purchase by consumers. This limitation restricted potential growth and income for the family-owned business. Further, the owners were hoping to improve the interior and exterior aesthetics of the Main Street buildings with the completion of this project.
The total project cost was estimated at nearly $480,000, of which Podein’s Power Equipment secured $330,000 of traditional financing through First State Bank. Stewartville’s Economic Development Authority (EDA) assisted with a low-interest loan for $50,000, and People’s Energy Cooperative was able to fill the remaining gap financing needs of $100,000.
“It is incredibly fulfilling to see small businesses like Podein’s Power Equipment thriving,” said Joya Stetson who serves the City of Stewartville. “I am proud to play even a small role in the necessary and inspiring collaborations that make projects like this happen!”
The owners of Podein’s Power Equipment are excited about making an investment in their buildings with the connection and addition this project entails, and they expressed the hope that the project will not only increase tax base for the community, but also will retain all 8 FTE positions and allow for future expansion and addition of future jobs.