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Vernon County committee approves revisions to economic development loan manual
Summary
On Nov. 7, 2024 the Vernon County Economic Development Committee unanimously approved changes to its Economic Development Loan Manual, setting a $50,000 minimum account balance and clarifying eligible loan uses; staff also reported the loan fund balance and recent account movements.
Vernon County Economic Development Committee members unanimously approved revisions to the county—s Economic Development Loan Manual during their Nov. 7, 2024 meeting.
Jon Bingol, representing the Mississippi River Regional Planning Commission, reported the committee—s loan fund balance was $254,677.77 and total outstanding loans were $687,501.60. Bingol said no loans had been paid off since the last meeting and that MRRPC temporarily moved county funds into a business money market account when the balance fell below $250,000; after receiving payments and interest the funds were returned to a higher-interest account, which Bingol said was yielding under 4 percent.
The committee reviewed an annual loan program analysis and approved specific edits to the loan manual. The changes include a requirement to maintain a minimum account balance of $50,000 and a clarified eligible-use line (manual item 3.4.6) that lists "purchase of livestock, crops, farmland, machinery, and seed for annual/perennial planting" as permissible with loan proceeds. The committee also directed that note agreements for future loans be updated to reflect the manual revisions.
Nathaniel Slack moved to approve the revised manual; Bruce Kilmer seconded the motion, which the committee approved unanimously. The minutes record the approval as unanimous; the committee membership present was listed in the record.
Committee members said the changes aim to preserve the program—s long-term fund stability while making eligible uses clearer for applicants. The committee did not adopt additional changes to underwriting criteria at this meeting and did not vote on any individual loan awards.
Next steps noted in the meeting record include MRRPC updating loan note agreements and continued monitoring of the fund—s balance and investment placement.
