Former towing company avoids legal action on loan
Oct. 21—WATERTOWN — A former local towing company has agreed to reestablish paying on a $40,000 loan to avoid legal action by the Watertown Local Development Corporation.
The local development corporation's Revolving Loan Committee on Wednesday agreed to allow Snide's Towing, Plowing and Landscaping to pay just the interest for three months on the $39,942 loan. Donald W. Rutherford, the CEO of the local development corporation, said owner Sara Snide will pay about $140 a month for three months before she must also begin paying on the principal on the loan.
The loan was more than 120 days late.
Finally, he tracked her down in Augusta, Ga., where she has been operating as Snide's Towing and Auto Works.
The full board of the Watertown Trust is expected to vote on the loan arrangement on Thursday.
Last month, the Watertown Trust's board had agreed to write off the loan and seek legal action, either filing a lawsuit or a judgement against her.
At first, she and her husband, Jonathan, both former Fort Drum soldiers, ran the towing business out of their Clayton home before opening an office in the commerce building on Public Square so they could be closer to customers in the city.
They also ran a landscaping business and a candy shop.
After leaving the Army, they decided they liked the north country so much that they wanted to stay in the area, she told The Watertown Daily Times in July 2021.
They planned to use the loan to buy a second tow truck and obtain the region's AAA towing franchise.
