Crescent City unveils $1.5 million CDBG small‑business loan program; $500,000 first round opens Monday

City Manager Eric Weir and consultant Jeff Lucas told a standing room audience at a public workshop that the city has secured a $1.5 million Community Development Block Grant to fund low‑interest business loans and job creation in Crescent City.

Jeff Lucas, of community development services, said the program will offer loans at a 1% fixed rate that can be forgiven if a business creates or documents retention of eligible jobs for one quarter. "That's a pretty good deal," Lucas said, describing underwriting that will verify payroll, hours and household income to protect public funds.

The program will emphasize job creation measured as full‑time equivalents (1,620 hours annually, about 30 hours per week). Lucas said the city values one full‑time equivalent at about $35,000 in loan funds. Loans can be used for equipment, inventory, working capital or debt consolidation; Lucas cautioned that using federal funds for construction triggers Davis‑Bacon prevailing…