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Hagerstown tweaks revolving loan fund terms; staff urge outreach to local businesses
Summary
Staff proposed minor revisions to the revolving loan fund: clarify ineligible costs for rental investment projects, require loan repayment to start either one month after completion or six months after loan funding, double some fees, and transfer program administration to the Department of Housing and Community Development; fund balance is just over $500,000.
City staff brought back proposed housekeeping changes to Hagerstown’s revolving loan fund, which has not been updated since 2017. Amanda Gregg and Margie Joe described modest policy changes and administrative updates intended to modernize the fund and make it more attractive to businesses.
Key proposed changes included:…
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