Loan fund to help finance new Grafton salon

The Grafton Village Board on Monday approved a $25,000 Revolving Loan Fund loan for a company that plans to open a beauty salon in the former Ram Tool office building at 2225 Dakota Dr. in Grafton.

AngeLia Beauty applied for one of the program’s simplified micro-loans to assist with the start-up costs of Salon Maven, which will have six salon chairs and three suites that can be used for a variety of beauty treatments.

Two of the chairs will be rented by AngeLia Beauty owners Angela Uselding and Lia Coker, who have a combined 33 years of experience in the industry. The other chairs and suites will be rented to other beauty professionals, according to a memo from Ozaukee Economic Development, which has endorsed the loan application.

The Salon Maven project is expected to cost $130,000. In addition to $25,000 from Grafton’s Revolving Loan Fund, which could be used for equipment, supplies and renovations, AngeLia Beauty plans to receive a $30,000 loan from Port Washington State Bank and additional financing from Ram Tool to equip the space.

Ozaukee Economic Development has recommended that Revolving Loan Fund financing be contingent on the bank loan and be personally guaranteed by Uselding and Coker, as well as that the interest rate for the five-year loan be set at 3.75% and include a six-month deferral of principal payments.