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Pulaski County EDC reactivates revolving loan fund and renews outside loan-review agreement
Summary
The Pulaski County Economic Development Commission approved a contract renewal with a regional development company and confirmed the countyrevolving loan fund is "live," planning outreach, application standardization and discretionary lending criteria for early applicants.
The Pulaski County Economic Development Commission voted to renew its agreement with a regional development company that will continue performing credit memos and loan reviews for requests above $20,000 and confirmed the countyrevolving loan fund (RLF) is active as of Jan. 1.
Nathan (EDC staff) told commissioners the RLF was reactivated "as of the first of the year" after county-attorney review and commission approval and that staff already has "1 probable, 1 quite possible, and 1 maybe possible" applicant in the pipeline. "The program is live," he said.
The commission approved the basic renewal agreement by voice vote. The regional development company manages the SBA 504-related reviews cited in meeting materials; Nathan said the firm will provide memos, risk ratings and, if requested, an analyst to meet with the commission. He added that the firm has historically billed modest hours for reviews and would meet evolving demand as needed.
Why it matters: The County plans to use the RLF to finance locally based small businesses and to build early success stories it can cite when seeking additional funds. Nathan said there is currently no fixed maximum loan amount in the countyapplication guidelines; awards will be discretionary and evaluated on the applicants business plan, projected job creation and quality-of-life impacts.
Public comment and next steps: A resident urged standardizing application materials, a scorecard and a predictable timeline so applicants and reviewers can compare proposals consistently. Nathan and commissioners said the current application includes a business-plan outline, SBA forms and requirements for tax returns and financials for loans above $20,000, and that those materials are available on the county website. Nathan said he would arrange for Christian and Al to sign the renewed agreement after the meeting and to publicize application materials and outreach events.
The commission did not record a roll-call vote; the motion passed by voice vote.
