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Council discusses recruiting banking expertise to seed EDA and explore a revolving loan fund
Summary
Council members discussed appointing an EDA member with banking experience and the potential to set up a DHCD‑eligible revolving loan fund to support downtown revitalization and small business financing.
Council discussed filling vacancies on the town's EDA and the value of recruiting someone with municipal banking or commercial-lending experience to help design loan programs. The manager said DHCD allows for a revolving loan fund administered through the EDA and suggested seeding the EDA with town funds (debate ranged over $50,000 to $150,000 as potential seed money).
“The whole point in having someone come in and do that work… is so that the town wasn't involved in it to that extent,” one council member said, arguing for EDA administration rather than direct town grants. Staff said they would reach out to potential candidates, schedule an informational session for the EDA and report back on the feasibility and legal requirements to set up a DHCD-eligible revolving loan fund.
