Winamac Coil Spring has cleared another hurdle in its quest to expand operations in Winamac as the county council this week gave their approval of a forgivable loan. A representative for Winamac Coil Spring approached the county council this week alongside Community Development Corporation Executive Director Nathan Origer, who said the business has acquired Chesapeake and they are looking to make improvements and investments in order to expand.
The county commissioners last week tentatively approved the forgivable loan. While nothing is formal yet, Origer said he is just looking for the commissioners’ and council’s approval before proceeding.
They are not moving the facility, Origer said, but they are moving a division from Kewanna to Winamac with hopes to double or triple in size within the next few years.
Origer said the forgivable loan would be for no more than $150,000, with goals that must be met in order for portions of the loan to be forgiven. The money for the loan will come from the CEDIT fund and must be used in expanding the Coil Spring facility.