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Benton County EDA approves $140,000 microloan for Odom Medical Group to open Foley clinic
Summary
The Benton County Economic Development Authority approved a $140,000 microloan to help Odom Medical Group build a primary care clinic in Foley; loan approved on a 20‑year amortization with a 10‑year balloon and 5.5% interest.
The Benton County Economic Development Authority voted to approve a $140,000 microloan to Odom Medical Group to support construction of a new primary care clinic at 700 Penn Street in Foley.
Loan details: BEP staff reported the $140,000 request represents about 4.4% of the roughly $3.3 million project cost. The loan was recommended by the BEP loan committee and approved by the EDA with terms that were described in committee: a 20‑year amortization, a 10‑year balloon payment and a 5.5% fixed interest rate. The county will take third position on real estate collateral; the loan will be secured by a mortgage and personal guarantees. Staff noted a minor administrative revision to the mortgage documents to show Odom Realty Holdings as the mortgagor for the property ownership entity.
Project and local impact: Odom Medical Group (100% owned by Dr. Robert Odom) plans a single‑story, roughly 6,000 square‑foot clinic with 12 exam rooms, x‑ray and lab capacity and mobile outreach services. The applicant forecasts at least seven full‑time jobs at about $25 per hour. The primary bank lender on the project is Franzen Bank in Foley and the project includes other financing sources; BEP said the microloan fills a funding gap the committee identified.
Board action: the EDA approved a resolution authorizing the microloan and directing county officials to execute final loan documents. Amanda (BEP) told the board the loan committee has already vetted credit, collateral and underwriting conditions and that updated loan documents will be ready for signature.
Why it matters: BEP and the EDA said the loan supports expansion of medical services into a county area that is designated medically underserved. EDA loan fund balances were discussed; BEP reported a revolving loan fund cash balance of about $933,800 as of Dec. 31 and approximately $205,338 in outstanding principal across four loans.
Next steps: BEP will finalize loan documents (with the mortgage to be executed by Odom Realty Holdings as owner) and the county administrator and board chair were authorized to sign final loan documents.
