Woods County EDC reports revolving loan activity, beautification grants and business recruitment plans

Committee staff provided an update on Woods County Industrial Development Authority (WCIDA) activity, including revolving loan fund deployments, ongoing construction projects tied to grant funds, and local beautification and recruitment efforts.

Staff said three businesses have received funding from the revolving loan fund, and repayments on earlier loans have begun returning capital to the fund. The committee was told roughly $1,616,000 remains of initial committed funds and that the committee has an extension with USDA to use an additional $16,000. Staff described typical initial loan sizes as small (for items such as HVAC or façade work) and said interest rates range from about 3.5% to a cap near 5.5%, with terms from three to six years.

Staff also described construction-phase work on a public project (described as an Avar/Red Park preparation and construction effort), weekly and monthly reporting to state partners (Department of Commerce; OMES may be involved), and a proposed beautification project in Freedom supported by small grants and local fundraising. Staff said they are considering targeted business recruitment for manufacturers expected to create about 50 jobs or fewer given local labor-market constraints and are exploring aerospace as a potential area with local partners.

No formal action was taken beyond routine updates; the committee directed staff to continue monthly reporting, coordinate with engineers and state partners, and proceed with grant applications and community engagement for beautification and recruitment initiatives.