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Scottsburg City staff propose trimming documentation and removing COVID language from revolving loan fund plan
Summary
City staff told the council the Economic Development Administration asked to remove CARES Act/COVID language and suggested two changes: drop administrative rules for 'new' funds and reduce bank rejection documentation from two letters to one; no vote was recorded in the transcript.
Speaker 1, a city presenter, told the council the city's EDA-backed revolving loan fund plan needs minor updates to reflect post-pandemic rules and current administration. "Take out all of the cares act related covid pandemic language," the presenter said, and recommended two other edits that would make the fund easier to use.
The most consequential proposed change would reduce a current requirement that applicants provide two letters from different financial institutions proving they could not obtain private financing. "EDA suggested maybe taking that out…
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