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Mineral Wells EDC cleared to apply for $1 million USDA relending program to make low-interest small-business loans
Summary
The City Council approved the Mineral Wells Economic Development Corporation's application to the USDA Intermediary Relending Program, which would let the EDC borrow $1 million at 1% interest over 30 years to relend to small businesses; council approved the application 7-0.
The Mineral Wells City Council voted 7-0 on July 1 to approve the Mineral Wells Economic Development Corporation's application to participate in the U.S. Department of Agriculture's Intermediary Relending Program, a relending model under which the EDC would borrow funds and then lend to local small businesses.
EDC representatives told the council they would seek a $1,000,000 loan at 1% interest amortized over 30 years; one speaker calculated total interest over the 30-year term as about $157,000. EDC staff and consultant David Miller described the program as a lender-of-last-resort tool that fills…
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