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EDC tables $50,000 interest buy-down loan request after questions about applicants and risk
Summary
Lifeline CDFI asked the San Juan EDC for $50,000 to buy down interest on small-business loans so borrowers could receive 0% financing; board members asked for a local applicant list and more program details and tabled the request for follow-up.
The San Juan Economic Development Corporation on March 3 heard a proposal from a Community Development Financial Institution to use $50,000 in local EDC funds to buy down interest on small-business loans, but the board tabled the request pending more information.
Marlene, identifying herself as a Lifeline representative and the meeting's business development officer, outlined how the buy-down would work: Lifeline would underwrite and make loans while the EDC would pay the interest portion so approved borrowers would effectively…
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