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FSC First warns of funding losses, reports loan activity and EDI fund pressure
Summary
FSC First told a county committee its lending programs are under pressure from reduced federal and state funding and proposed state changes; the nonprofit reported loan and job metrics and said the county’s EDI fund has limited available balance though OMB presented a larger fund-balance figure.
FSC First, the county’s designated community development financial institution (CDFI), told the Planning, Housing and Economic Development Committee on April 7 that rising interest rates, the end of ARPA grant support and proposed state changes threaten several of its lending programs and its ability to support small businesses.
The nonprofit reported new loan activity and job metrics for the current fiscal year but warned that federal and state funding uncertainties — and a proposed state restructuring of certain funds — could reduce available lending capital.
What FSC First reported - Loan and jobs activity. FSC First said it closed 34 loans in FY25 so far, supported or created 404 jobs and deployed about $7 million in loans. Non‑EDI net loan program income was projected at…
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