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Administrator asks to grow JSEB working-capital loan pot to $5 million after rapid drawdown of $1 million
Summary
The committee heard that a $1 million working-capital loan pool allocated to JSEBs was fully deployed in under a year; the administrator proposed increasing the fund to $5 million and described loans as low-interest (4%) and largely repaid so far.
Officials told the J Sub 2 Special Committee that a $1 million pool of working-capital loans for JSEB contractors was fully deployed in less than a year, and that the administrator seeks to expand that revolving fund to $5 million.
Gregory Grant said the city originally allocated $1 million for working capital for JSEBs performing on city contracts and that the pot was exhausted after the program was opened; most loans were for up to $100,000 and the program used a 4% interest rate. "On this particular pot of…
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