Red Bud approves $150,000, 10-year loan for First Stage Fabrication
The Red Bud, Illinois Economic Development Commission approved a $150,000 loan for Red Bud manufacturer First Stage Fabrication during a recent meeting.
The loan will be paid back over a 10-year term at 1.5 percent interest. The city will hold a lien on the equipment and building until the loan is paid off. First Stage is also required to take out an insurance policy protecting the city.
First Stage Fabrication processes metal, plastic, rubber, and other materials. The company currently has six full-time employees and, with the additional funding, expects to have 16 or more full time employees two years from now.
The commission also reviewed the business profiles of previous loan applicant Total Titanium, which has since secured funding privately, but thanked the city for its support.