Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Small Business Loans topic
No spam. Unsubscribe anytime.
Portsmouth EDA adopts budget amendment to boost small-business loan program administration
Summary
The Economic Development Authority approved adoption of its budget including a $25,000 increase in administration costs for a small-business loan program; staff said the extra allocation funds administration and servicing ahead of program launch.
The Portsmouth Economic Development Authority voted unanimously May 20 to adopt its meeting agenda items, which included a budget revision increasing administrative funds for the small-business loan program.
EDA staff told commissioners the only change from the April draft was an increase to the small-business loan program administration and servicing line: from $100,000 to $125,000. Staff said the increase is to cover administration and servicing expenses as the program is prepared for launch.
Why it matters: The EDA indicated the procurement to select a loan-servicing agreement is underway; staff said the purchasing office has completed evaluations and that an agreement for the program should be presented to the EDA at its June 17 meeting for review and consideration ahead of a fiscal-year launch.
Vote and process: Commissioners moved and seconded adoption of the minutes and the budget revision. EDA members voted 7–0 to adopt the minutes and the budget revision as presented.
Staff noted there were no other application changes and said the increased allocation reflects expected costs once servicing begins. Commissioners asked clarifying questions about timing and whether the allocation was an upfront appropriation; staff said it is an incremental allocation anticipating future actual services.
Ending: Staff said they expect to return on June 17 with a recommended agreement for the loan program; the EDA’s vote this session adopted the revised budget and authorized staff to continue procurement work.
