Stevens County economic development office reports business lending work, asks for 2% county funding increase

The Stevens County economic development director outlined the office’s loan and technical‑assistance work and requested a 2% increase in county funding for the coming year, a change described as roughly $1,500 over the current allocation.

The director said the office worked with about 60 potential and existing businesses since the last report, directly supporting an estimated 358 jobs. She said the office currently manages a portfolio of 22 loans that support roughly 142 jobs. Two recently closed loans totaled about $230,000 and leveraged roughly $1.12 million in additional financing from banks and other partners.

Why it matters: The office provides gap financing, technical coaching, succession planning and grant writing. The director described a recent succession case in which coaching and an $80,000 loan (example) helped a local business transition ownership and remain in the county. She also discussed multiple lending tiers the office manages, including microloans, storefront renovation funds and gap financing used alongside private lenders or CDFIs.

The office explained federal and state reporting requirements for revolving loan funds, noting some funds (for example, USDA Rural Development allocations) carry repayment and reporting rules and may be subject to periodic audits. Staff said the office aims to keep loan loss rates low through underwriting and loan committee review.

The board did not take immediate final action on funding at the meeting; the director asked commissioners to consider the 2% request in the county budget process.