EDA has plan for cabinetry business
Lee Smith — Staff WriterFAIRMONT - A custom cabinetry business in Fairmont will stay in operation under a plan outlined Monday by the city's development director.
Mike Humpal told the Economic Development Authority that Canyon Custom Wood Products, 1045 Shoreacres Dr., is in the process of transferring ownership, from Dennis Snyder to Chris and Barb Carstensen. The small business is located across the street from the Channel Inn, whose proprietors own the building used by Canyon Custom.
Snyder is retiring.
The Carstensens will lease the facility, while buying the equipment and inventory inside. They plan to expand Canyon Custom to become a remodeling construction company, specializing in custom cabinets and countertops, according to Humpal.
The Carstensens will pay $60,000 for the business, with $40,000 coming from bank financing. The EDA will put up $20,000 at 4.5 percent, with a seven-year repayment plan. Collateral includes the business assets and a $10,000 second mortgage on the Carstensen home.
Humpal says EDA's decision to loan the money will create at least one new job immediately, a second in the future, and keep a small business in town.
In other action Monday, Humpal said there has been much interest and activity involving the soon-to-be vacant Kmart building in Fairmont. Kmart is expected to close its doors in mid-February. Humpal did not reveal specifics, but said he does not expect the building to be empty for long.
