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EDA votes to split microloan funds after debate over $17 wage requirement
Summary
The East Grand Forks Economic Development Authority voted Oct. 22 to split its microloan program into a restricted fund tied to MYTH‑linked dollars and an unrestricted discretionary fund after members raised concerns that a $17 minimum wage requirement could exclude small applicants.
The East Grand Forks Economic Development Authority voted Wednesday to divide its microloan program into two separate funds — one restricted to MYTH‑linked dollars and one unrestricted — after a lengthy discussion over a wage requirement tied to the source of some funds.
Board members and staff debated whether money loosely tied to “MYTH” funds requires recipients to pay a $17 minimum wage (which could include benefits or tips). A…
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