Select Board approves IDFA governance documents and a $75,000 gap-financing cap
The reconstituted Industrial Development Financing Authority reported initial governance, ethics, and budget actions and the Select Board approved IDFA documents and a new 'partnership' (gap-financing) loan product, raising an individual loan cap to $75,000 and delegating authority for smaller loans.
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Ray Friedlander, the IDFA administrator, told the Select Board the reconstituted IDFA (re-established in 2026 with $1,000,000) adopted governance and ethical standards, disclosure forms, and a budget; the board also agreed a new partnership loan product would operate as gap financing in coordination with local lenders and partners. Friedlander said the IDFA removed a prior $50,000 individual-loan cap and set a new cap of $75,000 for the program to help local businesses access capital.
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