Oshkosh City Council allocates $250K for COVID-19 loan program support

In a recent meeting of the Joint Review Board in Oshkosh, city officials discussed critical financial strategies aimed at supporting local businesses during ongoing economic challenges. The meeting highlighted the city's efforts to utilize available funds to bolster the Greater Oshkosh Economic Development Corporation's (EDC) revolving loan fund program, which is designed to provide low-interest loans to businesses affected by the COVID-19 pandemic.

City representatives noted that many businesses in the central city have faced closures due to emergency orders, prompting the need for immediate financial assistance. The proposed plan involves contributing $250,000 from the city's cash balance to the EDC's COVID-19 emergency loan program, which has already received a significant contribution of $750,000 from the county. However, a stipulation limits the amount that can be loaned within city limits to 40% of the county's contribution.

The discussion also touched on the financial status of Tax Increment Financing (TIF) District 16, which currently holds approximately $800,000 in cash, with projections suggesting it could grow to about $1.4 million by 2028. Officials expressed a desire to leverage these funds to support local businesses, emphasizing the importance of keeping operations running and payrolls paid during this challenging time.

Additionally, the board considered potential amendments to TIF Districts 14 and 19, which have existing cash balances. These amendments could allow for the donation of funds to TIF District 16, further enhancing the city's ability to provide financial relief to struggling businesses.

The resolution to approve the funding was passed unanimously, reflecting a collaborative effort among board members to address the urgent needs of the community. As the city navigates the uncertainties of the ongoing emergency, officials are exploring various financial strategies to ensure the sustainability of local businesses and the overall economic health of Oshkosh.