A new load from UCDD will help Jackson Kayak expand in White Country.
Business Lending Manager Mindy Tramel told the Executive Committee Wednesday that Jackson Kayak requested a $200,000 loan. That money will help with an on-going expansion.
“They recently acquired Corner Paddles and Eddyline Kayaks,” Tramel said. “One thing I would like to note is that one of the production locations of Eddyline was in Mexico. And that production has been brought back to the states and is now in Sparta.”
Tramel said Jackson Kayak currently has 120 employees. Moving Eddyline’s production to White County could create ten new jobs.
Tramel said Jackson Kayak’s loan would carry a 7.5 percent interest rate over its ten year term. Tramel said the loan will be paid back in installments of $2,734.
Tramel said Jackson Kayak also requested a loan from the White County Industrial Development Board for $200,000. That loan includes a four percent interest rate over ten years.
“There will be an owner contribution of $243,600,” Tramel said. “The borrowed contribution includes $97,620 they already paid toward the required deposit, which was 40 percent of the oven cost.”
The White County IDB recommended approval of this loan on June 9.
