Washington County LDC reports loans, counseling and a 92% historical repayment rate
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Summary
The Washington County Local Development Corporation told supervisors it manages loan programs that serve startups and expansions, has 33 active loans totaling about $2.7 million in the county, and maintains a roughly 92% historical success/repayment rate on county lending.
Deanna Durray, executive director of the Washington County LDC, briefed supervisors on the corporation’s lending and business-support work.
Durray said the LDC offers four low-interest loan programs, including an agriculture-focused loan fund that can finance up to $200,000 for equipment or expansion. She reported 33 active loans in the county representing about $2,700,000 in outstanding principal and noted the LDC has funded over $20,000,000 to small businesses in Washington County historically, maintaining a 92% success rate on that portfolio.
Durray described the LDC as a lender of last resort that provides gap financing, lower interest rates than many regional lenders (she cited an example of around 6% fixed for life of the loan), and hands-on counseling that includes one-on-one business advice, help forming LLCs, regulatory navigation and site visits. She said the LDC partners regularly with the regional planning board and HVADC to match businesses with appropriate grants and technical assistance.
Supervisors asked about historical write-offs and loan losses; Durray said 70% of older write-offs came from the 1980s and the organization has tightened underwriting and follow-up practices since then. She encouraged supervisors and staff to refer prospective borrowers and to use the LDC’s counseling offerings early in the project-development cycle.