PRESQUE ISLE, Maine — The Presque Isle City Council has approved a micro-loan for a new insurance assessment company that plans to set up on Main Street.
Elliott’s Information Services LLC, run by the father and son team of William and Reginald Elliott, will be using the city’s year-old micro-loan program to open a business providing assessment information for insurance companies.
Following the recommendation of the Presque Isle Development Fund, the city council on Wednesday Feb. 7 approved the 5 year, $10,000 loan with a 6 percent interest rate for the business.
City manager Martin Puckett said at the meeting that Elliott’s Information Services would be operating out of a Main Street location.
The company currently has three employees, and specializes in providing insurance companies with assessments on residential and commercial properties that are seeking insurance policies, Puckett said.
Presque Isle’s micro-loan program was created in 2017 to offer small loans to entrepreneurs and businesses in amounts ranging from $5,000 to $20,000. The program allows the city to finance up to 75 percent of a project, and loan recipients are required to submit a business plan and participate in business training offered by the New Ventures Maine group.
The first recipient of the program last spring was King Morton’s Hall of Music. Owner Chris Morton borrowed $20,000 through the program to purchase the downtown building that the music shop was previously renting.