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Angola council hears plan to broaden Angola Investment Fund lending criteria
Summary
Council members were briefed on updated Angola Investment Fund (AIF) policies designed to expand eligible projects, widen outreach and create a commercial revolving loan arm; no council approval was required.
Council member McDermott briefed the Angola City Common Council on updated policies and procedures for the Angola Investment Fund at the Dec. 16 meeting, saying the changes are intended to broaden who can access AIF financing and to get the program active at the start of the year.
The updates, McDermott said, modify prior eligibility tied to old NAICS codes and add options the board believes better reflect current local business needs. “The policies and procedures have been updated,” McDermott said. He told the council the board wants to expand who may apply so the fund can be made available to more people after a period of staff and membership turnover over the past two to three years.
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