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Tioga County IDA accepts $181,301 USDA IRP award to replenish revolving loan fund
Summary
The board voted to accept a reduced USDA IRP award of $181,301 to add to its revolving loan program; terms discussed included three years interest-only followed by repayment over 27 years at 1% interest.
The Tioga County Industrial Development Agency voted at its June meeting to accept a reduced award from the U.S. Department of Agriculture’s IRP program totaling $181,301 to replenish the agency’s revolving loan pool.
Staff reported the award was not the full amount applied for but that the funds would be placed in the IDA’s IRP revolving loan program. The terms discussed in the meeting included three years interest-only followed by 27 years of repayment at a 1% rate. The Chair asked for confirmation that the board accepted the reduced amount and members moved, seconded and approved the acceptance by voice vote.
Board members said the award will help maintain lending capacity. The Chair asked staff to contact USDA and confirm arrangements and to return with documents and an implementation plan.
