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Grow Link program: two new business loans reported; officials ask for wider outreach
Summary
John reported two recent Grow Link business loans (a trucking company for a dump truck and a $180,000 remodel) and said several residential applications are pending at Portage Community Bank; he said about 'more than 85,000 left to lend' and will provide repayment details after meeting with staff.
John provided a status update on the county’s Grow Link loan program and urged expanded outreach to increase business participation. He said the program has generated a couple of new loans since the last meeting, including one to a trucking company to buy a dump truck and another for a business remodel listed in the presentation as $180,000, and noted several residential loans are now in process with Portage Community Bank.
John emphasized outreach: "I continue to, talk it up and promote the hell out of it," he said, adding that he expects incoming staff (Joe) to continue promoting the program. The presenter and board discussed program uptake among farmers; John said he has promoted the program to the Farm Bureau.
Fund status and repayment: In response to a board question about remaining funds and revolving repayments, John said the transcript shows "more than 85,000 left to lend" and that he will follow up after calculating repayment amounts with Jamie in his office and confirming what the bank has returned to the fund. He also reiterated that Portage Community Bank makes the final credit decision on loans and that the county’s role is to support program promotion and eligibility criteria.
Next steps: John offered to provide post-meeting details on repayments and the amount recycled back into the fund. No formal votes or program changes were taken at the meeting.
