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EDA to consider short-term credit to help chamber use $17,000 Explore Minnesota marketing grant
Summary
The Harmony EDA agreed to have staff work with the Chamber of Commerce on a proposal to use the loan fund as a short-term line of credit to enable the chamber to access a $17,000 reimbursement grant from Explore Minnesota; the board signaled openness to a 0% loan if marketing includes living-or-working messaging.
During the Harmony EDA’s Dec. 3 meeting, Chamber of Commerce representative Melissa Vander Plas reported that the chamber will receive a $17,000 reimbursement grant from Explore Minnesota for marketing. Because the grant reimburses expenses, Vander Plas and staff discussed potential cash-flow problems.
The board agreed in principle to have staff work with the chamber to produce a proposal to use the EDA’s loan fund as a short-term line of credit to front expenses so the chamber can draw on the grant. The board indicated it would consider a 0% short-term loan for this unique opportunity, particularly if the marketing plan promotes living or working in Harmony. The board also requested that it be involved in reviewing any marketing plan tied to EDA support.
Staff (Chris Giesen) is to work with Vander Plas on a formal proposal to be brought back to the board for consideration.
