CHARLESTON - State Treasurer Judy Baar Topinka announced Wednesday that the Charleston Stone Co. has received a $550,000 loan through the State Treasurer's Economic Program. "Charleston Stone was in real danger of having to close its two facilities and move out of state," Topinka stated in a press release. "With this loan, the company will be able to consolidate and modernize, but more importantly, preserve 22 jobs."

Charleston Stone secured the loan from NationsBank in Charleston, the release stated, and will use the funds to update its equipment. This will include purchasing a new rock crusher and conveyer system to connect its two quarries, the release said. "If there was ever a case (the loan program) was designed for, it is Charleston Stone," Topinka stated in the release. "Preserving jobs and preventing the loss of our businesses to other states is the cornerstone of (loan program.)"

Jerry Tarble, owner of Charleston Stone, deferred comment on the loan to a loan officer at NationsBank. The loan officer was unavailable for comment Friday.

The loan program was created to encourage and promote economic development and job creation by providing Illinois companies with access to affordable capital, the release stated. For each permanent full-time job that is created or retained, the treasurer's office deposits $25,000 at well below market rates into the borrower's financial institution. The institution will then lend the money at below prevailing interest rates to the borrow for a term of one to five years. Every project is approved at the exclusive direction of the treasurer's office, but loans are not made directly to the borrower. The financial institution that receives the discounted deposit decides on the credit-worthiness of the borrower.

Used with permission from Mid-Illinois Newspapers
Publishers of the Mattoon Journal Gazette and the Charleston Times-Courier

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