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City staff updates council on nonprofit revolving loan fund; members press for budget detail and timeline
Summary
City staff reported progress on a nonprofit revolving‑loan fund created after a 2024 council concept approval; council members asked for a clearer accounting of the cited $75,000,000 figure, where funds sit and why no loans closed 15 months after approval.
Riverside — City staff provided an update on a nonprofit revolving‑loan fund intended to provide capital to local nonprofit organizations, but councilmembers pressed for more detailed financial reporting and a clearer timetable for loan closings.
Jeffrey Club, working with the city manager, said the City and a community foundation partner have established a loan committee and held outreach events; staff…
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