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Rushford Village considers putting dormant revolving loan fund to work; committee recommended
Summary
Commissioners discussed a long-idle Revolving Loan Fund, the barriers that previously limited its use and a revised application; a RLF committee was proposed and Commissioner Glen Kopperud volunteered to serve.
Officials at the Jan. 20 Rushford Village Planning and Zoning meeting discussed how to put a dormant Revolving Loan Fund (RLF) back into service for local businesses.
Administrator Jon Pettit said he is not in favor of using the fund for grants, citing the village’s limited downtown business district and uncertain demand; Mayor Dennis Overland and others said the money should be used. Commissioner Glen Kopperud volunteered to serve as the Planning and Zoning representative on a proposed RLF Committee.
Jayme Longmire (CEDA) told commissioners she had revised the RLF application and guidelines and worked with O’Koren on clarifying language; the proposal discussed would create a committee composed of one Planning and Zoning member and two council members, with Longmire providing guidance to the committee and forwarding recommendations to the council.
Commissioners said the original funds came from the state, were repaid by local borrowers, and are now sitting unused; administrative constraints previously limited local control but Longmire said revisions would ease those barriers. The commission voted to designate Glen Kopperud to the RLF committee (motion by Gordon Johnson; second by Glen Kopperud); the motion carried.
