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IDA reviews microenterprise program, discusses raising award amounts and approves Melfi's Shoes application
Summary
Staff updated the board on microenterprise pilot changes and difficulties in applicant follow-through, and the board approved an application from Melfi's Shoes for an embroidery machine.
IDA staff reported on the microenterprise pilot programs, difficulties in getting completed applications and signatures from some awardees, and plans to request a program increase from the state agency handling the program. Staff said they will meet with the state (HCR) this week to discuss whether the award ceiling can be raised and whether already-awarded recipients can receive extensions or modified terms. Staff told the board the program currently expires in October and that they plan to review extension options in August.
Staff presented an application from Melfi's Shoes seeking assistance to purchase an embroidery machine to expand customizable services. Board discussion included routine questions about trademarked goods (a board member noted businesses must obtain permission to embroider licensed sports apparel) and routine underwriting concerns. The board moved and seconded the application; the motion carried with no dissent recorded.
Staff and board members also discussed applicant follow-up issues: applicants who say they will submit paperwork but fail to return to sign documents. Staff said the agency will work with the loan committee and credit/loan officers on outreach strategies to increase completions.
