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EDA approves plan to explore a micro revolving loan program from interest earnings; loan committee to draft parameters
Summary
The EDA agreed to explore moving secondary interest from revolving loan funds into a discretionary account to seed a micro revolving loan program (suggested initial balance about $61,120) and asked the loan committee to write program rules, caps and application steps.
The East Grand Forks Economic Development Authority agreed to pursue a discretionary micro revolving loan program funded by secondary interest earned on existing revolving loan accounts and directed its loan committee to design the program.
Maggie outlined the proposal: "The ask was to move that those secondary interest funds into a different…
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