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Taskforce weighs expanding revolving loan fund and employee‑ownership workshops to retain local businesses
Summary
The Business Development and Workforce Taskforce discussed proposals to expand a revolving loan fund (an example allocation of $1 million was noted), create preferential procurement for impact businesses, and launch employee‑ownership succession workshops aimed at businesses with owners 55+, citing local survey figures and targets for outreach and enrollment.
Clarke County taskforce members reviewed proposals on May 20 to bolster small businesses through expanded lending and a targeted employee‑ownership (EO) succession program.
The Small Business Development Sub‑Committee recommended increasing dollars in the existing revolving loan fund and pairing the expansion with a grant program and preferential procurement scoring for businesses that meet defined impact criteria—examples include high‑wage or benefit‑providing jobs, worker‑owned businesses, minority‑owned firms, youth‑focused employers, second‑chance employers, and green or childcare job creators. The minutes include a notated example allocation of $1MM for the fund, described as a preliminary figure to be considered rather than a finalized appropriation.
On business succession, the taskforce cited the 2018 Annual Business Survey for Clarke County: 1,032 businesses have owners aged 55 or older, collectively accounting for roughly 12,000 employees, about $382 million in payroll and approximately $3 billion in revenue. Subcommittee proposals call for identifying priority owners for outreach, clarifying lending or guarantee options to facilitate sales to employees, conducting at least five targeted workshops, enrolling at least 15 business owners in training, and consulting established programs such as Project Equity and the Co‑op Development Institute to inform program design.
The taskforce did not approve funding at the meeting; members directed subcommittees and staff to populate recommendation templates ahead of June meetings so the full taskforce can prioritize proposals and prepare a consolidated report.
