LITCHFIELD -- The Meeker County Board approved two loans totaling $104,000 Tuesday for a Litchfield business that is expanding.
Rare Earth Coating will receive a $74,000 loan to help fund a 6,000-square-foot expansion and a $30,000 loan for new equipment, said Suzanne Hedtke, Meeker County Development Corp. director.
Rare Earth Coating is a vacuum metallization company that applies metal to products and equipment. It does work for the government and the medical industry, Hedtke said.
The family-owned business opened in Litchfield in 1981 and is run by Kathy Olson and her children, Hedtke said. It's located on Gilman Avenue South in Litchfield.
The company is expanding to add room for equipment to produce a new product, Hedtke said. Rare Earth Coating expects to add 12 jobs in the next 18 months, she said. The company currently employs 21 people.
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Both loans have a fixed 5 percent interest rate. The loan for the building expansion is for 15 years with a five-year balloon. The $30,000 loan is for five years, Hedtke said. The loans are from Meeker County's revolving loan fund.
To receive a loan, a company must meet certain qualifications, such as having another lender, and go through a review process, Hedtke said.
