Eagle Lake EDA to create forgivable childcare loan after $10,000 grant

The Eagle Lake Economic Development Authority on Jan. 22 said it will launch a forgivable childcare loan program after receiving a $10,000 grant from the Taylor Family Farms Foundation that requires a $10,000 local match, City Administrator Jennifer J. Bromeland said.

Bromeland told the authority the funds will be used to create a program modeled after the Blue Earth County Forgivable Loan Program launched in 2018. She said the EDA will issue a call for applications to childcare providers and the public and that the grant funds must be expended by the end of 2026.

Members discussed eligible uses for the funds and next steps for program design. An application review committee will be established; Members Brian Hughes, Tony Dickmeyer and Brooke Wach indicated interest in serving on the committee, schedule permitting, Bromeland said. No formal appointment or vote to create the committee was recorded in the minutes.

The EDA did not adopt final eligibility rules or loan terms at the meeting; Bromeland and members agreed the committee will return recommendations and an application timeline at a future meeting. The program is intended to operate on a forgivable-loan model as described by the Blue Earth County example, but specific forgiveness terms, minimum or maximum loan amounts, and eligible expenditures were not specified in the meeting record.

Next steps recorded in the minutes include forming the review committee, issuing the call for applications, and returning to the EDA with program details for approval.