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TLDA hears report on stalled SRF draws, considers tightening borrower drawdown rules
Summary
SRF staff told the Tennessee Local Development Authority that several borrowers have not requested disbursements and proposed loan-document changes to require earlier draws and penalize long lapses; examples included Chattanooga, Oak Ridge, White Pine and others.
SRF staff told the Tennessee Local Development Authority on Oct. 20 that a substantial number of SRF borrowers have not requested disbursements for extended periods and said staff is preparing changes to loan documents to reduce inactivity.
Ms. Jones, SRF staff, presented a “no activity” report and identified multiple borrowers with delayed draws. She said the City of Chattanooga has two loans with no recent disbursements and that some delays are tied to other funding sources such as ARP money or procurement and…
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