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Crewe council authorizes application for $100,000 USDA revolving loan fund
Summary
Crewe's council voted to authorize application for a $100,000 USDA Rural Development grant to create a revolving loan fund offering below-market loans to small and emerging businesses; the Economic Development Authority would review loans and council would provide oversight.
The Crewe Town Council on March 10 authorized staff to submit an application for a $100,000 USDA Rural Development grant to establish a revolving loan fund (RLF) intended to offer below-market financing to small and emerging businesses.
Town Manager said the proposed RLF would include three loan tiers ranging from about $5,000 to $30,000, with interest rates described in the packet at roughly 2.75%–3.75% and repayment terms of one to ten years. “We applied for $100,000 for a USDA Rural Development Grant to establish a revolving Loan Fund,” the manager said, describing staff recommendations that the town oversee the RLF while delegating loan review to the Economic Development Authority.
Staff estimated modest administrative costs, citing roughly $4,500 per year for attorney review and an estimated $13,753 of operating support over the three‑year period included in the application materials. Council voiced general support for the program’s downtown growth and job-creation potential and moved to adopt the resolution authorizing submission of the application; the motion passed by voice vote.
The resolution directs the town manager to serve as the official representative for the application and, if awarded, to administer the RLF with council oversight. Council did not set final loan underwriting rules in the meeting; staff will return with implementation details and the loan-review process if the grant is awarded.
