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EDC receives $109,000 grant for small business loans

Being a small business in Morgan County just got a little easier - if you need a little money, that is.

On Tuesday the United States Dept. of Agriculture Rural Development awarded the Morgan County Economic Development Corp. a $109,000 grant to assist small businesses. The grant comes at a good time as small businesses in the county have had few alternative options to traditional bank financing, Robert White, USDA rural development state director said in a press release.

The USDA Rural Business Enterprise grant will be used to establish a revolving loan fund to provide incentives for business expansion, job creation and private investment in the county's rural areas.

Dean Edwards, director of business programs and cooperative services, and Mark Beckman, business program specialist at the USDA, presented the check Tuesday to John Taylor, executive director, and Jeff Pipkin, deputy director, of the EDC at Martinsville City Hall.


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MCG adds a member to its board

MCG Capital Corp. has named Richard Neu as a director, increasing the company's board to 10 members.

Arlington-based MCG, a commercial finance company, said that Neu has been appointed to the company board's audit committee, compensation committee, enterprise risk committee and nominating and corporate governance committee.

In connection with his appointment to the board, Neu was granted 1,250 shares of restricted stock in lieu of a special cash retainer, MCG said in a regulatory filing.

Neu currently serves as a director of Tulsa, Okla.-based Dollar Thrifty Automotive Group Inc. (NYSE: DTG). He was CFO and treasurer of Charter One Financial Inc. from 1985 to 2004 and served as a director of Charter One Financial from 1992 to 2004. Neu also worked at KPMG LLP as a senior audit manager.



 

 

 

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