Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
EDA pitches quick-access $10,000 discretionary loan program
Summary
The Economic Development Authority presented a discretionary loan product capped at $10,000 aimed at quick, short-term, low-interest support for small projects or equipment purchases that won’t compete with local banks.
Maggie Brockling presented a new Economic Development Authority discretionary loan program during the Nov. 10 council work session. The EDA described the product as a short-term, low-interest loan designed for applicants who need quick access to funds for small projects or equipment and are not well served by traditional bank loans.
Brockling said the program is intended to complement, not compete with, local lending: “This is kind of like you need some quick fast access funds with short terms, low interest and ... it's a pretty easy program,” she said. The program will cap loans at $10,000.
Council members had no substantive questions during the presentation. Staff said additional program details will be developed by the EDA and returned to council as needed.
