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EDA considers structure for a low- or no-interest loan fund to help small businesses
Summary
Staff proposed creating a small low- or no-interest loan fund administered by partner organizations (CIC, SBDC) to support local businesses; partners expressed interest but staff noted outstanding questions about fund size, recipient eligibility and administrative responsibilities.
The board discussed a proposed low- or no-interest loan fund that would resemble other small-business financing tools used in the region.
EDA staff reported that potential administrative partners—the Central Innovation Center (CIC) and the SBDC—said they would consider administering reporting and loan-handling functions, but staff did not present a recommended loan size or specific eligibility rules. A board member said such a fund could be structured either to generate modest revenue or purely as a capital facilitation tool.
Board members asked for additional detail about target borrowers and loan amounts; staff said partners were receptive but needed further information on the authority’s policy preferences before committing to an administrative role.
