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Patrick County EDA readies revolving loan fund plan as Rural Business Development Grant window remains closed
Summary
Noah Mabe presented a draft Revolving Loan Fund tied to a Rural Business Development Grant and the board asked staff to add a $10,000 maximum-loan cap; Mabe will circulate a revised draft ahead of the May meeting.
Noah Mabe, Small Business & Economic Development Coordinator, told the Economic Development Authority that the application window for the Rural Business Development Grant has not yet opened and that he and colleague James Houchins are preparing the Authority's application.
Mabe presented a draft plan for a Revolving Loan Fund (RLF) that would be established with grant funding and outlined terms and procedures for loan approvals and administration. Board members discussed loan limits and other terms; the Authority asked Mabe to incorporate the group's suggestion of a $10,000 maximum loan into the next draft. Mabe said he will send a revised plan to members for review prior to the next meeting.
