Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Small Business Health topic
No spam. Unsubscribe anytime.
County EDA approves $140,000 microloan to Odom Medical Group for Foley clinic
Summary
The Benton County Economic Development Authority approved a $140,000 microloan for Odom Medical Group to build a new 6,000-square-foot primary-care clinic in Foley. The loan represents roughly 4.4% of the project's roughly $3.3 million cost; terms are 20-year amortization, 10-year balloon, 5.5% interest.
The Benton County Economic Development Authority approved a $140,000 microloan to Odom Medical Group to help finance construction of a new primary-care clinic in Foley.
Amanda of Benton Economic Partnership summarized the proposal: the project is a roughly 6,000-square-foot facility at 700 Penn Street with 12 exam rooms, an X-ray room and a lab; total project cost is just over $3.3 million and the applicant will provide about $191,000 in owner equity. "The applicant is requesting a $140,000 microloan to construct their new facility," Amanda said; BEP's loan committee reviewed the application on Jan. 10, 2025 and recommended approval.
Under the resolution the county will record a third-position mortgage on the property, require personal guarantees and life-insurance coverage on the loan, and will amortize the loan with a 20-year schedule and a 10-year balloon payment at a 5.5% interest rate. Amanda told the board the loan amount represents about 4.4% of the total project cost and remains well below the county’s microloan policy threshold (35% participation).
Commissioners asked about the revolving loan fund balance and other financing partners; Amanda reported a fund cash balance of $933,800.60 with roughly $205,337.77 principal outstanding across four existing loans and about $19,000 in interest earnings last year. The resolution to approve the loan and to execute loan documents carried by voice vote.
