A beer distributor that also does recycling is refinancing a loan with the Chautauqua County Industrial Development Agency.

During the IDA meeting, board members unanimously approved a $574,316 loan to Gren Ventures. Arthur R. Gren, Inc., located at 1886 Mason Drive in the town of Ellicott was incorporated in 1954, serving the county as a private company wholesale distributor of beer and non-alcohol products.

The loan will be used to consolidate two existing loans dating back to 2013, when the company constructed a 22,875 square foot building for its recycling and warehousing center. At the time, Gren Ventures received an Al Tech Loan from the IDA for the project, along with a bank loan. Since the bank notified the Grens that they would not be renewing their loan, the Grens were forced to find other financing to fill this void.

According to IDA officials, by consolidating the remaining balances from the IDA and bank loans, the IDA will move into a first lien position on the real estate, which was recently appraised at $1.6 million. The term of the loan is five years at 4% interest.

“The Gren Ventures loan is a win-win-win for the community, the CCIDA, and the Grens,” said Mark Geise, deputy County Executive for Economic Development and Chief Executive Officer of the IDA. “Through this consolidation, the jobs will be retained, the CCIDA will move into first position on the property assets, and the Grens will have lower monthly payments.”

It was stated at the meeting the recycling and warehouse division has 10 positions.