TELL CITY – A new Tell City business will get a financial boost from the community’s economic development commission.
Morgan Cail, who currently operates Behind the Times Bakery from her home, has plans to open a bakery at 411 Main St. later this year. She obtained $40,000 in financing from the Tell City Economic Development Commission’s revolving loan fund. A Friday morning meeting approved the funding.
Most of the money will go toward equipment, such as ovens, Cail will install in the building, which was the long-time home to Kessner Interiors. It housed Vann’s Bakery for many years.
According to her application for EDC funding, Cail said she plans to offer a full range of pastries and baked goods, including doughnuts, cupcakes and other confectionery type items. She will also accept special orders for wedding cakes and will take other customer requests.
Reached Friday, Cail said she hopes to be open late this year. Renovation to the building’s interior is underway.
Tell City Council President Chris Cail owns the building and is a cousin to Morgan Cail’s husband.
Cail also sits on the Revolving Loan Fund Board but was not present at Friday’s meeting. He said he excused himself from the loan application to avoid any conflict.
The city’s revolving loan fund has money to loan, administrative assistant Janet Hackbarth said Friday. Loans come from a variety of sources and carry different qualifications and payback guidelines.
Cail’s loan was funded through an Intermediary Revolving Loan Program with funds originally provided several years ago by Rural Development, an arm of the U.S. Department of Agriculture.
Loans are made to individuals and businesses who plan to create jobs or whose businesses will help invigorate the local economy.
Her $40,000 loan will be repaid monthly over seven years. The loan carries a 5-percent interest rate.