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County economic development director outlines loans, job impacts and requests small increase from Morris
Summary
Cheryl ****, executive director of the Stevens County Economic Improvement Commission, told the council SEIC has revolved a $481,430.85 transfer into a lending book now worth $848,236.12, reported 4 new loans totaling $333,000 that leveraged $1,730,000, and asked the City of Morris to increase annual support from $33,000 to $34,000.
Cheryl ****, executive director of the Stevens County Economic Improvement Commission (SEIC), reported to the council Sept. 24 on SEIC activity and outcomes and requested a $1,000 increase in the city's annual contribution (from $33,000 to $34,000).
Cheryl said the city transferred $481,430.85 in fiscal 2024 to SEIC to serve as local development funds. Over roughly a decade the fund has revolved and expanded: outstanding loan repayments and lending activity left a current revolving balance of $848,236.12 and a book of 22 loans that support an estimated 139 jobs across the county. In the last year SEIC reported four loans totaling $333,000 that SEIC says leveraged roughly $1,730,000 in additional economic activity.
Cheryl described SEIC's role as a gap lender and coach for businesses — helping with loan packaging, business planning, workforce and retention efforts and connecting applicants to federal and state programs. She listed Main Street grant recipients in Morris that have received SEIC-supported funds: Jerry's You Save, The Hudson Inn, John's Toll Entertainment, Ungers, Inherit, Kangas, China Panda and Taco John's.
Council members asked for clarification on the meaning of "retained" versus "expanded" jobs; Cheryl defined retained jobs as positions that likely would not exist without SEIC intervention and explained SEIC provides both lending and business-coaching supports. One council member shared a personal example of using GAP financing with SEIC when acquiring a local Taco John's.
The council took the presentation under advisement; Cheryl asked for the requested small increase for next fiscal year.
