NEW ALBANY — The Comfy Cow, Big Four Burgers + Beer, Seeds and Greens Natural Market & Deli and McRae Court Reporting secured funds to aid their downtown New Albany businesses through the Horseshoe Foundation of Floyd County’s Revolving Loan Fund Program.
The Comfy Cow in New Albany, Big Four Burgers and Seeds and Greens all received $50,000 loans, while McRae Court Reporting was approved for a $12,800 loan, the Horseshoe Foundation announced Wednesday.
“These entrepreneurs have worked very hard to make their dreams become reality and expand business in our community,” said New Albany City Councilman Kevin Zurschmiede, who is the chair of the Horseshoe Foundation’s revolving loan committee. “We are very excited to be able to help make this possible by providing low-interest gap financing.”
The program was established in 2007, and maximum loan terms are 10 years for land and building financing, five years for equipment loans and two years for working capital loans.
The loans provide an interest rate at 2 percent below prime rates with a minimum rate of 3 percent. One Southern Indiana aids in administering the program with the help of a nine-person review committee. The Indiana Small Business Development Center also assisted some of the businesses in applying for the loans.
Here are the details:
The Comfy Cow
The Comfy Cow in New Albany opened in spring at 109 E. Market St., and is owned by Ian Hall and Lincoln Ogden.
Several months of construction went into the building, complete with major renovations through a $400,000 investment.
Big Four Burgers
Matthew McMahan plans to launch a New Albany location of Big Four Burgers in the coming months to match the Jeffersonville spot.
The location and opening haven’t been announced, it is anticipated that the restaurant will open by the end of the year. More information about the company can be found at bigfourjeff.com
Seeds and Greens Natural Market & Deli
Owner Stacey Freibert hopes to have Seeds and Green Natural Market and Deli opened by Harvest Homecoming at 207 W. First St.
The historic building is a renovation of a former Civil War hospital, and the grocery store will feature fresh and local produce, meats and dairy products. Additionally, there will be spaces for customers to enjoy sandwiches and other foods prepared by two chefs inside the store.
MCRAE COURT REPORTING
Owners Allie McRae and Stacey Bradley are using the loan to purchase new equipment for McRae Court Reporting LLC, which is located at 815 E. Market St.
The business specializes in preparing verbatim transcripts of live legal proceedings, and opened July 7.