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County considers putting $200,000 into revolving loan fund; Bell Holdings loan balance reviewed
Summary
Finance staff said the revolving loan fund holds about $214,000 and proposed allocating $200,000 to encourage lending; the committee also reviewed a $450,000 Bell Holdings loan (2.5% over 10 years) with roughly $386,000 remaining and a total payback of about $513,005.90.
The presenter recommended directing additional funds to the county's revolving loan fund to support business expansion loans and economic development efforts.
"We have 214,000 in there right now," the presenter said, and proposed putting $200,000 into the expenditure line so the economic-development director can actively market and use the fund. Separately, staff reviewed the Bell Holdings loan previously approved at $450,000 at 2.5% for 10 years; the presenter reported a remaining balance of about $386,000 and said the total payback over the term will be approximately $513,005.90.
Committee members asked staff to provide any required approvals or constraints for moving county funds into the revolving loan expenditure line and to confirm the ledger entries before any transfer. No formal vote on the transfer appeared in the transcript.
