Smurfit Stone not utilizing county loan
Smurfit Stone will not be accepting a $75,000 economic development incentive from Buchanan County.
The commission offered the forgivable loan to the company in July 2007. The county stated that Smurfit has not accepted the money, so this week, a letter was sent rescinding the offer.
“Sometimes companies opt not to utilize the offer for various reasons,” said Cyndra Lorey, executive director of business relations and development for the St. Joseph Area Chamber of Commerce.
Smurfit Stone manufactures boxes and paper products at a factory on Lower Lake Road. The company applied for the loan to assist with consolidating production at the plant.
Ms. Lorey said a factory in Kansas City was closed last year and production moved to St. Joseph. At the time of the application, Smurfit Stone said the move was expected to add 25 jobs in St. Joseph.
The money will be placed back in Buchanan County’s economic development fund, which provides forgivable loans for business expansion and job creation, Ms. Lorey said.
Business editor Susan Mires can be reached at susanm@npgco.com.
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