The Industrial Development Authority of Lee County (IDA) announced today that it has executed a loan agreement with Southwest Propane, LLC for purposes of business expansion.
“The IDA are always seeking opportunities to assist local businesses to expand their operations and their payrolls. Southwest Propane’s sister company (Southwest Heating and Air) has been in business in Lee County for nearly 20 years. The company has a sterling reputation. We are pleased to assist them with this expansion of their propane operation," stated Michael James, IDA Director. The loan proceeds will be used to purchase additional inventory.
The loan was funded through the Lee County Economic Development Fund, which is jointly operated by the IDA and the Board of Supervisors. Both bodies must approve any disbursements from the Fund.
"We want to thank the IDA and the Board of Supervisors for their assistance with this financing facility. Our propane business is growing rapidly and the additional inventory has been ordered and will arrive before winter. We appreciate the IDA’s confidence in our business plan,“ stated Jimmy Gordon of Southwest Propane, LLC.
"Assisting qualified local businesses with expansion is a great use of the Economic Development Fund proceeds,” added Greg Edwards, IDA Chairman. “We are delighted with today’s transaction.”
“The Gordons have been successful entrepreneurs for many years. We are happy to assist them in this expansion. We will explore any project that will create jobs,” stated Carl Bailey, Board of Supervisors Chairman.
About the Industrial Development Authority of Lee County: The mission of the IDA of Lee County is to promote and facilitate economic growth and development in Lee County by recruiting manufacturing, industrial and commercial enterprises to locate or remain in Lee County, promote entrepreneurism and to enhance the economic well being of the citizens of Lee County. Michael James has been Director of the Authority since May, 2011.