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Solano EDC seeks successor terms for ARPA-funded revolving loan fund, proposes smaller loans and higher rate
Summary
Solano EDC told supervisors that a $3.6 million ARPA loan program made 55 loans and has $745,329 returned for re‑lending; it proposed lowering the maximum loan to $75,000, raising interest to 7% and retaining a 630 minimum credit score to keep the fund sustainable.
Solano Economic Development Corporation representatives told the Solano County Board of Supervisors that the county’s ARPA‑funded small business revolving loan fund successfully made 55 loans and is now ready to relend repaid principal and interest.
At a public briefing, Sean Quinn and Chris Rico said the program originally authorized $4,000,000 (with $3,600,000 to be lent) met its loan target and has approximately $745,329 returned to the fund. They said the loans reached every city and unincorporated areas of the county, with restaurants and bakeries…
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