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WEDC committee recommends raising loan maximums to $250,000 and notes 0% Brownfield rate for nonprofits
Summary
At its Feb. 24, 2026, WEDC Governance Committee meeting in Lyons, staff said a 0% interest rate was added to the Brownfield Revolving Loan Fund for nonprofits and government entities in 2025; the committee recommended raising Microburst, Microenterprise and GAIN loan maximums to $250,000 if funding allows.
Wayne Economic Development Corporation (WEDC) staff told the Governance Committee on Feb. 24, 2026, that the only change to loan terms in 2025 was the addition of a 0% interest rate for nonprofit and government borrowers in the Brownfield Revolving Loan Fund. Committee members said some projects may hesitate to seek Microburst loans because the current maximum can be too small for project needs.
After discussing marketing channels — including directing Pitch Competition applicants into loan programs and working with the Wayne County Business Council — the committee recorded a recommendation to raise the maximum loan amounts for the Microburst Loan, Microenterprise Loan and GAIN Loan to $250,000 each, if funding is available. The WEDC committee approved its June 2025 minutes earlier in the meeting; the committee adjourned at 8:53 A.M.
