Ayer IDFA extends COVID loan forbearance 120 days for four local borrowers

AYER -- July 31, 2020, Ayer's Industrial Development Finance Authority extended COVID-19 loan forbearance for all four of its active borrowers and approved a $19,000 operating budget at its July 31 meeting. The board voted unanimously to add another 120 days of deferred payments for Calvin Moore, the Nashoba Club restaurant (Rakit family), Applewood Controls (Randy Fermanek), and Kevin Baker, whose downtown Fort Washington property carries an IDFA loan, pushing the next payment due date to November 15, 2020. Deferred amounts are added to the back end of each loan rather than forgiven. The board also unanimously approved level funding of $19,000 for the Office of Community and Economic Development, whose staff liaison reported the office had secured a $310,000 Community Development Block Grant, was awaiting word on a $900,000 historic fire station grant, and had submitted a $3.6 million MassWorks application for reconstruction of the West Main Street corridor.