Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Small Business Loan Pool topic
No spam. Unsubscribe anytime.
Germantown EDC sends revised loan application to Bank 59 after bank commits $250,000 to business loan pool
Summary
The Germantown Economic Development Commission voted to return a revised Germantown Business Development Loan Pool application to Bank 59 after proofreading and policy edits; Bank 59 committed $250,000 to establish the loan pool and will underwrite and finalize loans.
The Germantown Economic Development Commission on March 10 approved sending edits to the Germantown Business Development Loan Pool application back to Bank 59 after members and staff corrected wording and clarified where financial information will be handled.
Chair told the commission that “Bank 5 9 will commit $250,000 to establish a loan pool to encourage business development,” an increase the commission noted was $100,000 above prior commitments. Commissioners said the application will be split into two parts: a village-facing form to confirm residency and project description, and a separate bank-facing financial package that applicants will supply directly to the lender.
Commissioners emphasized the commission’s role as reviewer and recommender, not final lender. “They do the underwriting,” Scott said of Bank 59, describing the bank’s responsibility to verify financials and finalize loans. The EDC’s review will be limited to eligibility, address verification and project viability before forwarding candidates to the bank for underwriting.
Other changes the commission approved: routing application collection through the village clerk’s office rather than the village administrator/support services, adding a statement on the front of the application that no public funds are used, and removing outdated references (proofreading changes noted by Gillette). Chair recommended adding Bank 59 and Germantown logos to the front page so applicants can clearly see the partners.
A motion to send the corrected application back to Bank 59 passed on a voice vote with no recorded opposition. The commission instructed staff to submit the edits and not require another commission review if Bank 59 implements the agreed corrections.
The commission also clarified that Bank 59 will be the final authority to approve loans after completing underwriting, and that the EDC’s approval process is limited to confirming applicants meet the program’s eligibility requirements. The loan application and program materials will be posted and linked on the village’s economic development and business development web pages.
