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Committee places $500,000 on reserve and forwards $1M small-business loan fund supplemental with conditions
Summary
Committee forwarded a $1 million general-fund supplement to recapitalize the small-business revolving loan fund, but placed $500,000 on committee reserve pending implementation progress; Working Solutions and OEWD explained outreach, capacity and low 4–6% loan rates.
The Budget and Finance Committee forwarded an ordinance to report $1,000,000 of prior-year general-fund balance to the small-business revolving loan fund but placed $500,000 of that amount on Budget and Finance Committee reserve pending evidence of deployment and implementation progress.
Jennifer Matz, director of the Office of Economic and Workforce Development (OEWD), summarized the revolving loan fund's history: the fund began in 2009 with seed funding of $800,000; 29 loans from that initial pot have been…
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