The Fairmont Economic Development Authority has approved a $25,600 loan that will aid the succession of B&B Gas Piping of Fairmont. B&B Gas Piping is owned by Marlin Bliesmer and Matt Bliesmer. With Marlin looking to retire, the loan was requested by Mike Bliesmer to buy the building at 912 N. State St. He will then lease the building to B&B as a means of buying into the business. B&B currently rents the building.
The cost of the project is $77,000, which includes $2,500 of owner equity, $48,900 of conventional bank financing through Triumph State Bank in Trimont and the $25,600 FEDA loan. The FEDA portion would be on a 20-year amortization with a balloon in 10 years at 4 percent interest.
In 2015, FEDA approved a $75,000 loan to help finance the purchase of the former Moore Auto Repair Building at 1210 E. 12th St. [email protected] has kept all its loan payments current.
The 2015 loan required the business to maintain a verifiable employee count of 12. The recent loan application states that the business has 20 full-time and one part-time employee at an average full-time wage of $20 per hour.
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