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CEDC names new CEO; outgoing manager to stay through September as loan fund shows growth
Summary
The CEDC board appointed John Spanado as president and CEO beginning June 15; outgoing manager Mike Tucker will remain through Sept. 30. The CEDC reported loan-fund growth, $6.5M in loans to 272 businesses and an SBA obligation of about $1.7M.
The Columbia Economic Development Corporation (CEDC) board has appointed John Spanado as its new president and CEO, and outgoing manager Mike Tucker told supervisors he will remain through Sept. 30 to support the transition.
Tucker reviewed CEDC’s recent financials and loan-fund performance in the board packet. He said the organization has made about $6.5 million in loans to 272 businesses over recent years, provided technical assistance to roughly 800 clients, and that the loan fund’s outstanding borrowing from the Small Business Administration is approximately $1.7 million. Tucker said the loan program maintains conservative underwriting and that cumulative write-offs have been modest relative to total lending.
The board and staff also discussed programmatic use of CEDC resources, including a proposed microenterprise grant program that can provide awards up to $25,000 and longstanding efforts to package loans with technical assistance. Supervisors thanked Tucker for his service and expressed confidence in the incoming president; the board approved transition planning with Tucker assisting through September.
