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Pontiac approves Genesis Credit Union to run $750K small-business loan fund; council seeks outreach and clarity
Summary
Council approved an agreement with Genesis Credit Union to administer a $750,000 small-business revolving loan fund (loans $5,000–$50,000; 0% first year, 4% thereafter). Council raised concerns about demand far outstripping funding, program prioritization, and communications about eligibility and rollout.
Pontiac City Council on Oct. 8 approved an agreement sending Genesis Credit Union to manage and service a city small‑business revolving loan program funded with ARPA dollars. The program will offer loans from $5,000 to $50,000, require a 10% borrower contribution, generally amortize loans over 2–7 years, and provide a 0% interest first year before a 4% rate for the remainder of…
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