Midwest Electric makes business loan

Midwest Electric news

Midwest Electric has made a $75,000 economic development loan to Lake City Creamery.

Lake City Creamery is a new business opening on U.S. 29 west of Celina. The ice cream and sweet shop will open by early summer. It features fresh 14-16 percent butterfat content ice cream made onsite. The business will also have hand paddled fudge, chocolate dipped pretzels, pecan clusters, caramels, fresh roasted cashews, red skins, and blanched warm salted nuts. The company will initially have four employees.

The Midwest Electric Revolving Loan Fund (RLF) was created in 2005 and has made five loans, totaling $565,000, helping create or keep 39 rural jobs. The RLF provides gap, or supplemental, financing. The applicant must obtain a majority of its financing from a bank, in addition to equity.

Based in St. Marys, Midwest Electric is the customer-owned electric cooperative for 10,500 homes, farms and businesses in Allen, Auglaize, Mercer, Van Wert, Shelby, Putnam and Darke counties.