Loan Board approves $700k to Wynn Tec
LOGANTON — A $700,000 loan has been approved from the Clinton County Revolving Loan Fund for Wynn Tec, Inc, of 1837 East Valley Road in Loganton.
The total is comprised of two separate loans in the amount of $350,000 each, one for real estate and one for inventory refiancing.
Wynn Tec, owned by Brian Wynn, is a company that deals mostly in modifying and repairing heavy equipment, including bailers, shredders and landfill equipment.
The Clinton County commissioners approved the loans at their meeting last Thursday night, contingent upon a related adminstrative action by the county’s Revolving Loan Board on Friday.
The revolving loan approved the neccessary administrative action related to an appraisal on Friday, and the closing of the loans is expected soon, according to Revolving Loan Board Secretary Mike Flanagan.
Wynn Tec has six employees and plans to add nine more over the next three years, Flanagan said.
Wynn Tec covers an area from Virginia to Maine in repairing the heavy equipment, he said.
The Revolving Loan Fund now has about $1.5 million in its balance after the Wynn Tec loans are closed, Flanagan said, noting a couple more loan requests from different businesses may soon come before the board.