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JSEB committee recommends $500,000 injection to capital access fund, sets tighter loan terms
Summary
At its April 17 special committee meeting, Jacksonville's JSEB committee voted to recommend the administration inject $500,000 into the JSEB Access to Capital Program Trust Fund and set a tiered structure with 4–5% interest and a maximum 36-month term; the committee framed the step as a recommendation, not legislation.
Jacksonville's JSEB special committee recommended a $500,000 injection into the JSEB Access to Capital Program Trust Fund and narrower loan terms at its April 17 meeting. The committee approved a voice vote urging the administration to keep the program tiered, limit maximum loans to $100,000, set interest between 4% and 5%, and reduce maximum terms from 60 months to 36 months.
The recommendation grew from a briefing by JSEB administrator Gregory Grant, who said increasing access to capital “is critical for promoting job creation [and] economic stability” and described a prior $1,000,000 pool that was fully deployed within months. Grant told the committee the original million-dollar fund drew overwhelming demand when it was advertised, and that 13 loans have been issued so far, with one fully repaid and most borrowers current until recent…
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